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Pierces The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.1225 1.236 projection of the Mar 15 - 23 - 24 price swing
  • RES 3: 1.1185 High Mar 31 2022
  • RES 2: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 1: 1.1045/1095 High Apr 28 / 26 and key resistance
  • PRICE: 1.0985 @ 16:18 BST May 2
  • SUP 1: 1.0942 Low May 2
  • SUP 2: 1.0909 Low Apr 17
  • SUP 3: 1.0853/31 50-day EMA / Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD remains in an uptrend despite Tuesday’s pullback and last week’s fresh cycle high reinforces a bullish theme. A resumption of gains would open 1.1127, a Fibonacci projection. Note that MA studies are in a bull-mode condition highlighting a rising trend. Note that key short-term support at the 20-day EMA which intersects at 1.0957, was pierced Tuesday. A clear break would signal scope for a deeper correction, potentially towards 1.0858, the 50-day EMA.

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