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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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EURO-DOLLAR TECHS: Remains On The Back Foot
*RES 4: 1.1018 High May 1 and key resistance
*RES 3: 1.0986 High May 4
*RES 2: 1.0926 High May 5
*RES 1: 1.0846 Intraday high
*PRICE: 1.0799 @ 16:35 BST May 6
*SUP 1: 1.0727 Low Apr 24 and bear trigger
*SUP 2: 1.0723 Low Mar 24
*SUP 3: 1.0636 Low Mar 23 and key support
*SUP 4: 1.0597 1.00 projection of Mar 30 - Apr 6 sell-off from Apr 15 high
EURUSD traded sharply lower Tuesday and has extended the slide well into the
Wednesday session. Monday's price action was a bearish engulfing Japanese candle
pattern and clearly highlighted the market's sentiment shift to bearish this
week. The pair has traded through support at 1.0799, Apr 27 low. The break of
this support has exposed the 1.0727, Apr 24 low. Clearance of this level would
open 1.0636, Mar 23 low. Initial resistance is at 1.0846.

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