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Pullback Confirmed as Corrective

EURUSD TECHS
  • RES 4: 1.1185 High Mar 31 2022
  • RES 3: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 2: 1.1076 High Apr 1 2022 and Friday’s high
  • RES 1: 1.1000 High Apr 17
  • PRICE: 1.0968 @ 15:52 BST Apr 18
  • SUP 1: 1.0909 Low Apr 17
  • SUP 2: 1.0884 20-day EMA
  • SUP 3: 1.0831 Low Apr 10
  • SUP 4: 1.0790 50-day EMA

The uptrend in EURUSD remains intact and the latest pullback was confirmed as corrective Tuesday. Last week’s gains resulted in the break of 1.1033, the Feb 2 high. This reinforced bullish conditions and more importantly, confirmed a resumption of the broader uptrend that started Sep 28 2022. The focus is on 1.1127, a Fibonacci projection and 1.1185 further out, the Mar 31 2022 high. On the downside, key short-term support lies at the 20-day EMA, at 1.0884.

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