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Recent Gains Considered Corrective

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: 1.0775 50-day EMA
  • RES 1: 1.0723/53 20-day EMA / High Apr 26
  • PRICE: 1.0677 @ 19:51 BST May 1
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0528 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

EURUSD traded lower Tuesday but remains closer to its recent highs. The pair has pierced resistance at 1.0723, the 20-day EMA, however the recent move higher appears to be a correction. A resumption of the downtrend would open 1.0568, the Nov 2 2023 low, and 1.0525, 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. The 50-day EMA is at 1.0775.

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  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0775 50-day EMA
  • RES 1: 1.0723/53 20-day EMA / High Apr 26
  • PRICE: 1.0677 @ 19:51 BST May 1
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0528 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

EURUSD traded lower Tuesday but remains closer to its recent highs. The pair has pierced resistance at 1.0723, the 20-day EMA, however the recent move higher appears to be a correction. A resumption of the downtrend would open 1.0568, the Nov 2 2023 low, and 1.0525, 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. The 50-day EMA is at 1.0775.