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Consolidating Ahead Of Its 50-day EMA

  • RES 4: 1.2063 2.0% 10-dma envelope
  • RES 3: 1.1990 High Mar 11 and a key resistance
  • RES 2: 1.1938 50-day EMA
  • RES 1: 1.1927 High Apr 8
  • PRICE: 1.1888 @ 05:52 BST Apr 13
  • SUP 1: 1.1861 Low Apr 8
  • SUP 2: 1.1795 Low Apr 6
  • SUP 3: 1.1738 Low Apr 5
  • SUP 4: 1.1704/1695 Low Mar 31 / 38.2% of the Mar 2020 - Jan rally

EURUSD is consolidating. The pair moved higher last week and is once again trading within its bear channel range drawn off this year's Jan 6 high - the channel base was breached in March. Recent gains are still considered corrective though with the next firm resistance at 1.1938, the 50-day EMA. A clear break of this average is required to signal scope for an extension higher. Initial support is 1.1861, Apr 8 low.

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