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Corrective Pullback Extends

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: 1.0916 @ 16:20 BST May 11
  • SUP 1: 1.0900 Low May 11
  • SUP 2: 1.0894 50-day EMA
  • SUP 3: 1.0831 Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD fell further through European hours, taking out the May lows on the fourth time of asking. The break signals scope for a deeper correction towards 1.0894, the 50-day EMA and the next key support. More broadly, the uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. Clearance of this hurdle would resume the uptrend and open 1.1127, a Fibonacci projection.

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