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Bumped Higher Post-Fed

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0721/58 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0655 High Apr 27
  • PRICE: 1.0615 @ 19:52 BST May 4
  • SUP 1: 1.0472/54 Low Apr 28 / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD broke higher at the tail-end of the session as the Fed policy decision proved somewhat dovish. Nonetheless, the overarching trend remains a bearish one. The trend direction remains down and the move to fresh cycle lows last week confirmed an extension of the bearish price sequence of lower lows and lower highs. Further weakness is likely and the focus is on 1.0454 next, the Feb 22 2017 low. Initial firm resistance is seen at 1.0758.

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