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Stocks Inch Higher, But Gains Inconsistent

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  • RES 4: 1.1990 High Mar 11 and a key resistance
  • RES 3: 1.1941 50-day EMA
  • RES 2: 1.1915 High Apr 7
  • RES 1: 1.19041.0% 10-dma envelope
  • PRICE: 1.1870 @ 05:42 GMT Apr 8
  • SUP 1: 1.1795 Low Apr 6
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704/1695 Low Mar 31 / 38.2% of the Mar 2020 - Jan rally
  • SUP 4: 1.1647 1.50 proj of the Jan 6 - Feb 5 - Feb 25 price swing

EURUSD traded higher yesterday and briefly above the 1.0% 10-dma envelope, today at 1.1904, before retracing. Recent gains have resulted in price moving into a bear channel range once again, drawn off this year's Jan 6 high and above the 20-day EMA. Gains are considered corrective though with the next firm resistance at 1.1941, the 50-day EMA. A clear break of the average would signal scope for a stronger rally. Initial support is 1.1795.