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Firmer Having Cleared Resistance

EURUSD TECHS
  • RES 4: 1.0848 Bear channel resistance drawn from the Feb 10 high
  • RES 3: 1.0800 Round number resistance
  • RES 2: 1.0758 Low Apr 14 and a recent breakout level
  • RES 1: 1.0697/0742 High May 23 / 50-day EMA
  • PRICE: 1.0666 @ 06:09 BST May 24
  • SUP 1: 1.0533 Low May 20
  • SUP 2: 1.0461/350 Low May 18 and19 / Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD traded higher Monday and cleared the 20-day EMA at 1.0570. The break suggested scope for a stronger short-term recovery and note that this has resulted in a print above key resistance at 1.0642, the May 5 high. The current bull cycle started at 1.0350, May 13 low, and from the base of a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0848 and is a potential objective. Initial support is at 1.0533, May 20 low.

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