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Short-Term Bull Cycle Intact

EURUSD TECHS
  • RES 4: 1.0936 High Apr 21
  • RES 3: 1.0831 Bear channel resistance drawn from the Feb 10 high
  • RES 2: 1.0800 Round number resistance
  • RES 1: 1.0758 Low Apr 14 and a recent breakout level
  • PRICE: 1.0682 @ 06:12 BST May 26
  • SUP 1: 1.0533 Low May 20
  • SUP 2: 1.0461/350 Low May 18 and19 / Low May 13 and bear trigger
  • SUP 3: 1.0341 Low Jan 3 2017 and a key support
  • SUP 4: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD faced some resistance Wednesday. A positive short-term theme remains intact. The pair has this week cleared the 20-day EMA and breached a key resistance at 1.0642, the May 5 high. This strengthens the current bull cycle that began on May 13. Note that the latest recovery also started from the base of a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0831. Initial support is at 1.0533, May 20 low.

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