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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642 High May 5 and key short-term resistance
  • RES 1: 1.0529/0598 High May 12 / 20-day EMA
  • PRICE: 1.0403 @ 06:08 BST May 16
  • SUP 1: 1.0350 Low May 13
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0304 2.0% 10-dma envelope

EURUSD traded to a fresh cycle low Friday reinforcing current bearish conditions. The pair cleared support at 1.0472 last week, the Apr 28 low. This confirmed a bear flag breakout and a resumption of the primary downtrend. Moving average studies remain in a bear mode condition, highlighting current sentiment. The focus is on 1.0341 next, the Jan 3 2017 low and key support. Key short-term resistance has been defined at 1.0642.

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