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Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.1990 High Mar 11
  • RES 3: 1.1947 High Mar 22 and the 50-day EMA
  • RES 2: 1.1853 High Mar 24
  • RES 1: 1.1828 Former bear channel base drawn off the Jan 6 high
  • PRICE: 1.1806 @ 05:57 GMT Apr 6
  • SUP 1: 1.1738 Low Apr 5
  • SUP 2: 1.1695 38.2% retracement of the Mar 2020 - Jan rally
  • SUP 3: 1.1647 1.50 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 4: 1.1603 Low Nov 4 and a key support

EURUSD traded higher yesterday however short-term gains are considered corrective. A bearish theme remains in place with technical indicators still highlighting a bearish outlook. Activity in March resulted in a break of support at 1.1836, Mar 9 low extending this year's bearish price sequence of lower and lower highs. Attention is on 1.1695 next, a Fibonacci retracement. Initial resistance is at 1.1828, a former bear channel base breached on Mar 8.

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