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Corrective Bounce

EURUSD TECHS
  • RES 4: 1.1990 High Mar 11 and a key resistance
  • RES 3: 1.1944 50-day EMA
  • RES 2: 1.1899 1.0% 10-dma envelope
  • RES 1: 1.1878 High Apr 6 and intraday high
  • PRICE: 1.1871 @ 05:52 GMT Apr 7
  • SUP 1: 1.1795 Low Apr 6
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704/1695 Low Mar 31 / 38.2% of the Mar 2020 - Jan rally
  • SUP 4: 1.1647 1.50 proj of the Jan 6 - Feb 5 - Feb 25 price swing

EURUSD traded higher Monday and markets built on those gains further Tuesday. This has resulted in price moving into a bear channel range drawn off this year's Jan 6 high and above the 20-day EMA. Gains are considered corrective though with the next firm resistance area at 1.1944, the 50-day EMA. Initial resistance is at 1.1899, the 1.0% 10-dma envelope.

The trigger for a resumption of the downtrend is 1.1704, Mar 31 low.

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