April 24, 2024 04:38 GMT
Gains Appear To Be A Correction
EURUSD TECHS
- RES 4: 1.0943 High Mar 21
- RES 3: 1.0885 High Apr 09
- RES 2: 1.0786 50-day EMA
- RES 1: 1.0729 L20-day EMA
- PRICE: 1.0706 @ 05:37 BST Apr 24
- SUP 1: 1.0601 Low Apr 16
- SUP 2: 1.0568 Low Nov 2 ‘23
- SUP 3: 1.0543 Base of a bear channel drawn from the Dec 28 high
- SUP 4: 1.0517 Low Nov 1 ‘23
EURUSD has recovered from its recent lows but gains have stopped short of troubling resistance. The move higher appears to be a correction. The recent break on Apr 12 of key support at 1.0695, Feb 14 low and bear trigger, confirmed a resumption of the downtrend. This signals scope for 1.0568 next, the Nov 2 2023 low, and 1.0540, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is 1.0729, the 20-day EMA.
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