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Gravestone Doji Still In Play

EURUSD TECHS
  • RES 4: 1.2210 2.0% 10-dma envelope
  • RES 3: 1.2122 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: 1.2080 High Apr 20
  • PRICE: 1.1996 @ 19:18 BST Apr 22
  • SUP 1: 1.1943 Low Apr 19 and key S/T support
  • SUP 2: 1.1861 Low Apr 7 and 8
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD failed at Thursday's high and strong selling pressure reversed Wednesday's gains. The pair remains below Tuesday's high of 1.2080. In pattern terms, Tuesday's candle is a gravestone doji and if correct, a bearish signal. A deeper sell-off would expose firm S/T support at 1.1943, Apr 19 low where a break would strengthen a bearish case. For bulls, a climb above 1.2080 negates the pattern, resumes recent gains and opens 1.2116-22.

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