May 29, 2024 04:48 GMT
Moving Average Studies Highlight An Uptrend
EURUSD TECHS
- RES 4: 1.0981 High Mar 8 and a key resistance
- RES 3: 1.0964 High Mar 13
- RES 2: 1.0933 61.8% retracement of the Dec 28 - Apr 16 bear leg
- RES 1: 1.0895 High May 16
- PRICE: 1.0846 @ 05:47 BST May 29
- SUP 1: 1.0805 Low May 23
- SUP 2: 1.0796 50-day EMA and a key near-term support
- SUP 3: 1.0724 Low May 3
- SUP 4: 1.0650 Low May 1
Recent weakness in EURUSD appears to be a correction. The current trend condition is unchanged and remains bullish following a bear channel breakout on May 15 - price cleared the top of a channel drawn from the Dec 28 high. Moving average studies have crossed and are in a bull-mode position, highlighting a rising trend. Sights are on 1.0933 next, a Fibonacci retracement. Initial firm support to watch lies at 1.0796, the 50-day EMA.
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