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Monitoring The Bear Channel Resistance

EURUSD TECHS
  • RES 4: 1.2285 High Jan 8
  • RES 3: 1.2243/59 High Feb 25 / 2.0% 10-dma envelope
  • RES 2: 1.2184 High Feb 26
  • RES 1: 1.2113/17 Bear channel top drawn off Jan 6 high / High Apr 26
  • PRICE: 1.2075 @ 05:41 BST Apr 28
  • SUP 1: 1.1994/43 Low Apr 22 / Low Apr 19
  • SUP 2: 1.1861 Low Apr 7 and 8
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD is consolidating. The rally Apr 23 breached 1.2080, negating a bearish pattern - a gravestone doji on Apr 20. The climb reinstates a bullish outlook. A key short-term hurdle for bulls however remains intact. 1.2113 is a bear channel top drawn off the Jan 6 high. A clear break of this resistance would be bullish and signal scope for an extension towards 1.2184, Feb 26 high. Support to watch is unchanged at at 1.1994, Apr 22 low.

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