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Trend Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0760/0807 20- and 50-day EMA values
  • RES 1: 1.0725 Low Apr 2
  • PRICE: 1.0676 @ 05:49 BST Apr 18
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0537 1.00 proj of the Dec 28 - Feb 14 - Mar 8 price swing
  • SUP 4: 1.0517 Low Nov 1 ‘23

The current downtrend in EURUSD remains intact and yesterday’s gains are considered corrective . The recent break 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 1.0552, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is seen at 1.0760, the 20-day EMA.

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  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0760/0807 20- and 50-day EMA values
  • RES 1: 1.0725 Low Apr 2
  • PRICE: 1.0676 @ 05:49 BST Apr 18
  • SUP 1: 1.0601 Low Apr 16
  • SUP 2: 1.0568 Low Nov 2 ‘23
  • SUP 3: 1.0537 1.00 proj of the Dec 28 - Feb 14 - Mar 8 price swing
  • SUP 4: 1.0517 Low Nov 1 ‘23

The current downtrend in EURUSD remains intact and yesterday’s gains are considered corrective . The recent break 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 1.0552, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is seen at 1.0760, the 20-day EMA.