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Corrective Cycle Still In Play

EURUSD TECHS
  • RES 4: 1.1225 1.236 projection of the Mar 15 - 23 - 24 price swing
  • RES 3: 1.1185 High Mar 31 2022
  • RES 2: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 1: 1.1054/95 High May 8 / High Apr 26 and key resistance
  • PRICE: 1.0980 @ 16:21 BST May 10
  • SUP 1: 1.0941 Low May 9
  • SUP 2: 1.0909 Low Apr 17
  • SUP 3: 1.0890/31 50-day EMA / Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD traded lower Tuesday and pierced support at 1.0942, the Apr 26 low. A continuation lower and a clear break of 1.0942 would signal scope for a deeper correction and open 1.0890, the 50-day EMA. The uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. A break of this level would resume the uptrend and open 1.1127, a Fibonacci projection.

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