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Needle Still Points North

EURUSD TECHS
  • RES 4: 1.2131 2.0% 10-dma envelope
  • RES 3: 1.2116 76.4% retracement of the Feb 25 - Mar 31 sell-off
  • RES 2: 1.2037 61.8% retracement of the Feb 25 - Mar 31 sell-off
  • RES 1: 1.1995 High Apr 16 and a key resistance
  • PRICE: 1.1980 @ 16:34 BST Apr 16
  • SUP 1: 1.1941 50-day EMA
  • SUP 2: 1.1861 Low Apr 7 and 8 and key near-term support
  • SUP 3: 1.1795 Low Apr 6
  • SUP 4: 1.1738 Low Apr 5

EURUSD is holding onto recent gains and has traded above 1.1990, Mar 11 high. A solid break of this level would strengthen a bullish argument and signal scope for an extension of recent gains. The recent breach of the 50-day EMA is a bullish development and S/T momentum signals point north. On the downside, initial firm support is seen at 1.1861, Apr 7 and 8 low. A break would signal the end of the current recovery.

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