May 24, 2024 04:55 GMT
Corrective Pullback
EURUSD TECHS
- RES 4: 1.0981 High Mar 8 and a key resistance
- RES 3: 1.0964 High Mar 13
- RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
- RES 1: 1.0895 High May 16
- PRICE: 1.0810 @ 05:54 BST May 24
- SUP 1: 1.0800 20-day EMA
- SUP 2: 1.0789 50-day EMA and a key near-term support
- SUP 3: 1.0724 Low May 3
- SUP 4: 1.0650 Low May 1
The latest move down in EURUSD is considered corrective and for now, appears to be a flag formation - a bullish continuation pattern that reinforces the uptrend. A bear channel breakout on May 15 - price cleared the top of a channel drawn from the Dec 28 high - confirms a stronger reversal. Sights are on 1.0933 next, a Fibonacci retracement. Initial firm support to watch lies at 1.0789, the 50-day EMA.
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