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Recent Gains Appear To Be A Correction

EURUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0780 50-day EMA
  • RES 1: 1.0726/53 20-day EMA / High Apr 26
  • PRICE: 1.0686 @ 16:57 BST Apr 26
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0531 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

EURUSD pierced resistance at 1.0726 last week, the 20-day EMA. The recent move higher appears to be a correction that is allowing an oversold condition to unwind. A resumption of the downtrend would signal scope for weakness towards 1.0568 next, the Nov 2 2023 low, and 1.0531, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery.

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  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0780 50-day EMA
  • RES 1: 1.0726/53 20-day EMA / High Apr 26
  • PRICE: 1.0686 @ 16:57 BST Apr 26
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0531 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

EURUSD pierced resistance at 1.0726 last week, the 20-day EMA. The recent move higher appears to be a correction that is allowing an oversold condition to unwind. A resumption of the downtrend would signal scope for weakness towards 1.0568 next, the Nov 2 2023 low, and 1.0531, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery.