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Impulsive Bull Wave

EURUSD TECHS
  • RES 4: 1.1396 High Feb 16 2022
  • RES 3: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing:
  • RES 2: 1.1313 High Feb 24 2022
  • RES 1: 1.1274 61.8% retracement of the Jan ‘21 - Sep ‘22 bear leg
  • PRICE: 1.1237 @ 08:37 BST Jul 17
  • SUP 1: 1.1095 High Apr 26 and recent breakout level
  • SUP 2: 1.1012 High Jun 22
  • SUP 3: 1.1004 Low Jul 12
  • SUP 4: 1.0930 20-day EMA

EURUSD traded sharply higher last week and continues to appreciate. The latest rally has resulted in a move above 1.1095, the Apr 26 high and key resistance. The break confirms a resumption of the medium-term uptrend. Moving average studies are in bull-mode position reinforcing current trend conditions. The focus is on 1.1274 next, a retracement point. On the downside, initial firm support lies at 1.1095.

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