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Trading Above The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0767 50-day EMA
  • RES 1: 1.0753 High Apr 26
  • PRICE: 1.0747 @ 10:41 BST May 3
  • SUP 1: 1.0650/0601 Low May 1 / Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0518 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0496 Low Oct 13 ‘23

EURUSD is firmer today. The pair has pierced resistance at 1.0718, the 20-day EMA. For bulls, a clear break of the 20-day EMA would signal scope for a stronger recovery and expose the 50-day EMA at 1.0767. The latest move higher appears to be a correction - for now - and the trend direction remains down. A resumption of the trend would open 1.0568, the Nov 2 2023 low, and 1.0518, the base of a bear channel drawn from the Dec 28 high.

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