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Impulsive Rally Extends

EURUSD TECHS
  • RES 4: 1.1355 1.382 proj of the May 31 - Jun 22 - Jul 7 price swing
  • RES 3: 1.1313 High Feb 24 2022
  • RES 2: 1.1274 61.8% retracement of the Jan ‘21 - Sep ‘22 bear leg
  • RES 1: 1.1211 1.00 proj of the May 31 - Jun 22 - Jul 7 price swing
  • PRICE: 1.1189 @ 14:41 BST Jul 13
  • 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 yesterday and continues to appreciate. This week’s rally has resulted in a move above 1.1012, the Jun 22 high and 1.1095, the Apr 26 high and key resistance. The move above 1.1095 confirms a resumption of the M/T uptrend. MA studies are in bull-mode position reinforcing current trend conditions. The focus is on 1.1211 next, a Fibonacci projection point. On the downside, initial firm support lies at 1.1012.

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