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Reversal Extends

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and the bull trigger
  • RES 3: 1.0943 High Mar 21
  • RES 2: 1.0921 76.4% retracement of the Mar 8 - Apr 2 bear leg
  • RES 1: 1.0885 High Apr 09
  • PRICE: 1.0743 @ 16:25 BST Apr 10
  • SUP 1: 1.0743/25 Low Apr 10 / 2
  • SUP 2: 1.0695 Low Feb 14 and the bear trigger
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull rally

EURUSD is trading sharply lower and has cleared initial support at 1.0791, the Apr 5 low. The break lower reinstates a short-term bearish threat and signals the end of the recent recovery between Apr 2 - 9. A continuation lower would open 1.0725, the Apr 2 low, ahead of the key support at 1.0695, the Feb 14 low and bear trigger. Initial key resistance has been defined at 1.0885, Tuesday's high.

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