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Watching Support At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1185 High Mar 31 2022
  • RES 3: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
  • RES 2: 1.1054/95 High May 8 / High Apr 26 and key resistance
  • RES 1: 1.1007 High May 10
  • PRICE: 1.0925 @ 05:51 BST May 12
  • SUP 1: 1.0900 Low May 11
  • SUP 2: 1.0895 50-day EMA
  • SUP 3: 1.0831 Low Apr 10
  • SUP 4: 1.0788 Low Apr 3

EURUSD traded lower Thursday and breached the former support at 1.0942, the May 2 low. The break signals scope for a deeper correction and has exposed 1.0895, the 50-day EMA and the next key support. More broadly, the uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. Clearance of this hurdle would resume the uptrend and open 1.1127, a Fibonacci projection.

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