May 21, 2024 04:52 GMT
Bull Flag
EURUSD TECHS
- RES 4: 1.0981 High Mar 8 and a key resistance
- RES 3: 1.0964 High Mar 13
- RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
- RES 1: 1.0895 High May 16
- PRICE: 1.0859 @ 05:50 BST May 21
- SUP 1: 1.0820 Former channel top drawn from the Dec 28 high
- SUP 2: 1.0784 50-day EMA and a key near-term support
- SUP 3: 1.0724 Low May 3
- SUP 4: 1.0650 Low May 1
EURUSD is trading closer to last week’s highs and the recent consolidation appears to be a bull flag. The outlook remains bullish following recent gains. The move higher last week resulted in a clear bear channel breakout - price cleared the top of a channel drawn from the Dec 28 high and the break confirms a stronger reversal. Sights are on 1.0933 next, a Fibonacci retracement. Initial firm support lies at 1.0784, the 50-day EMA.
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