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Through Key Support

EURUSD TECHS
  • RES 4: 1.1243 3.0% Upper Bollinger Band
  • RES 3: 1.1185/1222 High Mar 31 / 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1073 50-day EMA
  • RES 1: 1.0963 20-day EMA
  • PRICE: 1.0804 @ 13:09 BST Apr 18
  • SUP 1: 1.0758 Low Apr 14
  • SUP 2: 1.0727 Low Apr 24, 2020 and bear trigger
  • SUP 3: 1.0659 0.764 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0636 Low March 23 2020

EURUSD fell sharply through the ECB press conference on Thursday, taking out the key support on the way lower. This puts prices at the lowest levels since mid-2020, with the bear trigger at 1.0806 giving way. The downtick also took out 1.0767, the May 7 2020 low, opening losses toward 1.0727 and the key 1.0636 level. For bulls, clearance of 1.1185 is needed to highlight a base and reinstate a bull theme. Initial resistance is at 1.0963, the 20-day EMA.

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