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Bull Cycle Extension

EURUSD TECHS
  • RES 4: 1.2177 2.0% 10-dma envelope
  • RES 3: 1.2131 Bear channel top drawn off the Jan 6 high
  • RES 2: 1.2116 76.4% retracement of the Feb 25 - Mar 31 sell-off
  • RES 1: 1.2080 High Apr 20
  • PRICE: 1.2048 @ 16:19 BST Apr 20
  • SUP 1: 1.1946/43 50-day EMA / Low Apr 19
  • SUP 2: 1.1861 Low Apr 7 and 8 and key near-term support
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD rallied Monday and cleared last week's highs. The pair is firmer again Tuesday as bullish conditions continue to dominate, reinforced too by Monday's confirmed break of the former key short-term resistance at 1.1990, Mar 11 high. Attention is on 1.2116 next, a Fibonacci retracement ahead of 1.2131, a bear channel top drawn off the Jan 6 high. On the downside, Monday's intraday low of 1.1943 marks initial support.

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