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Primary Trend Remains Down

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21 and a key resistance
  • RES 3: 1.0852 High Apr 22
  • RES 2: 1.0711/58 20-day EMA / Low Apr 14 - recent breakout level
  • RES 1: 1.0655 High Apr 27
  • PRICE: 1.0616 @ 06:01 BST May 5
  • 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

EURUSD traded higher Wednesday. Short-term gains are considered corrective and the overarching trend remains a bearish one. The move to fresh cycle lows last week confirmed an extension of the bearish price sequence of lower lows and lower highs. A bearish set-up in moving average studies also highlights a downtrend. A resumption of weakness would open 1.0454, the Feb 22 2017 low. Watch resistance at 1.0711, the 20-day EMA.

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