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Bounces From Bottom *RES 3: 117.63...>

EURO-YEN TECHS
EURO-YEN TECHS: Bounces From Bottom
*RES 3: 117.63 1.0% 10-dma envelope
*RES 2: 117.50 High Apr 16
*RES 1: 117.31 High Apr 30
*PRICE: 117.06 @ 16:47 BST Apr 30
*SUP 1: 115.45 Low Apr 29
*SUP 2: 115.37 0.765 projection of Mar 25 - Apr 2 decline from Apr 7 high
*SUP 3: 115.00 Round number support
After trading to a fresh low of 115.45 Wednesday, prices bounced firmly ahead of
the Thursday close, snapping the well-set downtrend seen since the start of
April. The bounce, so far, is yet to take out trend resistance at the 1.0%
10-dma envelope of 117.63 so a pullback Friday would result in a return to the
downtrend. This keeps major support at 115.87, Sep 3 2019 low the primary target
and would clear the way for a move towards 115.37, a Fibonacci projection and
114.85, the Apr 2017 low.

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