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Bullish Focus

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2349/53 High Jan 6 / High Apr 20, 2018
  • RES 2: 1.2285 High Jan 8
  • RES 1: 1.2266 High May 25
  • PRICE: 1.2198 @ 06:15 BST May 31
  • SUP 1: 1.2133/26 Low May 28 / Low May 17
  • SUP 2: 1.2052 Low May 13 and key short-term support
  • SUP 3: 1.2079 50-day EMA
  • SUP 4: 1.1986 Low May 5

EURUSD traded below the 20-day EMA Friday but managed to find support at the session low of 1.2133. The outlook remains bullish and the recent pullback is considered a correction. This follows the recent breach of 1.2245, May 19 high confirming an extension of the current bull cycle. The focus is on 1.2285, Jan 8 high. Further out, the 2021 high of 1.2349, Jan 6 high beckons. Key short-term support is unchanged at 1.2052, May 13 low.

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