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Bears Remain In The Driver’s Seat

  • RES 4: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 3: 1.1054/95 High May 8 / High Apr 26 and key resistance
  • RES 2: 1.1007 High May 10
  • RES 1: 1.0085/0919 20- and 50-day EMA values
  • PRICE: 1.0763 @ 05:34 BST May 19
  • SUP 1: 1.0760 Intraday low
  • SUP 2: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run
  • SUP 3: 1.0713 Low Mar 24
  • SUP 4: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run

Thursday’s move lower in EURUSD marks an extension of the bear leg that started on Apr 26. The 50-day EMA, at 1.0885 and a key support, has recently been breached. This signals scope for a continuation lower and attention is on 1.0737, a Fibonacci retracement. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0919, the 20-day EMA.

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