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Bull Cycle Intact Inside The Bull Channel

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0845 Bear channel top drawn from the Dec 28 high
  • RES 1: 1.0811 High May 3
  • PRICE: 1.0770 @ 16:20 BST May 10
  • SUP 1: 1.0724 Low May 3
  • SUP 2: 1.0650/0601 Low May 1 / Low Apr 16 and the bear trigger
  • SUP 3: 1.0568 Low Nov 2 2023
  • SUP 4: 1.0515 Base of a bear channel drawn from the Dec 28 high

EURUSD continues to trade closer to its recent highs. A bullish short-term condition remains intact for now. The pair has recently traded through both the 20- and 50-day EMAs. This signals scope for a continuation near-term and attention is on the bear channel top at 1.0845. The channel is drawn from the Dec 28 high and represents the next key resistance. Initial firm support to watch has been defined at 1.0650, May 1 low. A break would be bearish.

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