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Fades Off Fresh YTD High But Trend Remains Up

EURUSD TECHS
  • RES 4: 1.1274 61.8% of the Jun 1 2021 - Sep 28 2022 bear trend
  • 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: 1.1076 High Apr 1 2022 and Friday’s high
  • PRICE: 1.0983 @ 15:53 BST Apr 14
  • SUP 1: 1.09622 Intraday low
  • SUP 2: 1.0911/0879 Low Apr 12 / 20-day EMA
  • SUP 3: 1.0831 Low Apr 10
  • SUP 4: 1.0784 50-day EMA

Despite the pullback from Friday’s high, EURUSD remains in an uptrend. Last week’s gains resulted in a break of key resistance at 1.1033, the Feb 2 high. This reinforces bullish conditions and more importantly, has confirmed a resumption of the broader uptrend that started Sep 28 2022. The focus is on 1.1127, a Fibonacci projection and 1.1185 further out, the Mar 31 2022 high. On the downside, key short-term support lies at the 20-day EMA, at 1.0879.

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