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Maintains A Softer 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: 1.0954 20-day EMA
  • PRICE: 1.0869 @ 19:44 BST May 16
  • SUP 1: 1.0831 Low Apr 10
  • SUP 2: 1.0805 50.0% retracement of the Mar 15 - Apr 26 bull run
  • SUP 3: 1.0788 Low Apr 3
  • SUP 4: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run

EURUSD maintains a softer tone following the recent pullback and break of former support at 1.0942, the May 2 low. The pair has also cleared the 50-day EMA, at 1.0892, a key support. This signals scope for an extension lower towards 1.0831, the Apr 10 low and 1.0805, a Fibonacci retracement. The current pullback is considered corrective. Initial firm resistance is at 1.0954, the 20-day EMA.

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