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EURUSD TECHS
  • RES 4: 1.2221 2.0% 10-dma envelope
  • RES 3: 1.2119 Bear channel top drawn off the Jan 6 high
  • RES 2: 1.2116 76.4% retracement of the Feb 25 - Mar 31 sell-off
  • RES 1: 1.2088 High Apr 20
  • PRICE: 1.2087 @ 19:23 BST Apr 23
  • SUP 1: 1.1994/43 Low Apr 22 / Low Apr 19
  • SUP 2: 1.1861 Low Apr 7 and 8
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD bulls returned Friday and in the process the pair has traded above resistance at 1.2080. The move higher negates a bearish pattern on Apr 20 - a gravestone doji. Instead, the move reinstates a bullish outlook and attention turns to the next resistance zone at 1.2116/19, 76.4% of the Feb 25 - Mar 31 sell-off and a bear channel top drawn off the Jan 6 high. A break of the channel resistance would be bullish. Support has been defined at 1.1994.

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