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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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  • RES 4: 1.2243 High Feb 25 and a key resistance
  • RES 3: 1.2184 High Feb 26
  • RES 2: 1.2150 High Apr 29 and the bull trigger
  • RES 1: 1.2076 High May 3
  • PRICE: 1.2059 @ 15:40 BST May 6
  • SUP 1: 1.1988 50-day EMA
  • SUP 2: 1.1943 Low Apr 19
  • SUP 3: 1.1861 Low Apr 7 and 8
  • SUP 4: 1.1795 Low Apr 6

EURUSD, maintains a bearish theme following this week's move lower and the sharp sell-off Apr 30. This highlights a failed attempt to confirm a clear break of a bear channel top drawn off the Jan 6 high. Key resistance has been defined at 1.2150, Apr 29 high. A firm support is at 1.2013/1989, the 20 and 50-day EMAs. This zone has been probed, a breach would trigger a stronger sell-off. Clearance of 1.2150 is needed to reinstate the uptrend.