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Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0749/0801 20- and 50-day EMA values
  • RES 1: 1.0725 Low Apr 2
  • PRICE: 1.0634 @ 05:55 BST Apr 19
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0549 Base of a bear channel drawn from the Dec 28 high
  • SUP 4: 1.0517 Low Nov 1 ‘23

The current downtrend in EURUSD remains intact and the pair is trading closer to its recent lows.The break on Apr 12 of key support at 1.0695, the Feb 14 low and bear trigger, confirmed a resumption of the bear cycle. This signals scope for a move towards 1.0568 next, the Nov 2 2023 low, and 1.0549, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is seen at 1.0749, the 20-day EMA.

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