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Path of Least Resistance Remains Down

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0767 20-day EMA
  • RES 1: 1.0655/0758 High Apr 27 / Low Apr 14 - recent breakout level
  • PRICE: 1.0517 @ 06:13 BST May 2
  • SUP 1: 1.0472/54 Low Apr 28 / Low Jan 1 2017
  • SUP 2: 1.0390 Low Jan 4 2017
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

The EURUSD trend direction is unchanged and conditions remain bearish. The pair has recently probed 1.0494, Feb 22 2017 low. The move to fresh trend lows last week, confirms an extension of the bearish price sequence of lower lows and lower highs. Further weakness is likely and the focus is on 1.0454 next, the Feb 22 2017 low. Key short-term resistance has been defined at 1.0936, the Apr 21 high. Initial firm resistance is seen at 1.0758.

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