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Trend Needle Still Points North

EURUSD TECHS
  • RES 4: 1.1225 1.236 projection of the Mar 15 - 23 - 24 price swing
  • RES 3: 1.1185 High Mar 31 2022
  • RES 2: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 1: 1.1095 High Apr 26 and key resistance
  • PRICE: 1.0993@ 05:32 BST May 9
  • SUP 1: 1.0967/42 Low May 5 / 2 and a key short-term support
  • SUP 2: 1.0909 Low Apr 17
  • SUP 3: 1.0887/31 50-day EMA / Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD bullish conditions remain intact. Attention is on 1.1095, the Apr 26 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.1127, a Fibonacci projection. Moving average studies remain in a bull-mode condition highlighting positive market sentiment. Key short-term support has been defined at 1.0942, the May 2 low. A clear break of this level would signal scope for a deeper correction.

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