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Finds Support Below The 20-Day EMA

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: 1.1059/1095 High May 3 / Apr 26 and key resistance
  • PRICE: 1.1054 @ 15:58 BST May 3
  • SUP 1: 1.0942 Low May 2
  • SUP 2: 1.0909 Low Apr 17
  • SUP 3: 1.0864/31 50-day EMA / Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD remains in an uptrend and has found support just below the 20-day EMA. Last week’s fresh cycle high reinforces a bullish theme. The focus is on 1.1127, a Fibonacci projection. Note that moving average studies are in a bull-mode condition highlighting bullish sentiment. Key short-term support has been defined at 1.0942, Tuesday’s low. A clear break of it would signal scope for a deeper correction, potentially towards 1.0864, the 50-day EMA.

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