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Free AccessShort-Term Bull Cycle Intact
- 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 @ 17:25 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.