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Maintains A Bearish Tone

EURUSD TECHS
  • RES 4: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 3: 1.1054/95 High May 8 / High Apr 26 and key resistance
  • RES 2: 1.1007 High May 10
  • RES 1: 1.0905/0935 High May 16 / 20-day EMA
  • PRICE: 1.0836 @ 05:40 BST May 18
  • SUP 1: 1.0805 50.0% retracement of the Mar 15 - Apr 26 bull run
  • SUP 2: 1.0788 Low Apr 3
  • SUP 3: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run
  • SUP 4: 1.0713 Low Mar 24

EURUSD maintains a bearish short-term tone and the pair traded lower yesterday, extending the bear cycle that started on Apr 26. The 50-day EMA, at 1.0889 and a key support, has been breached. This signals scope for an extension lower towards 1.0805 next, 50.0% retracement of the Mar 15 - Apr 26 bull run. The current pullback is still considered corrective. Initial firm resistance is at 1.0915, the 20-day EMA.

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