EURUSD TECHS: Corrective Cycle
- RES 4: 1.1696 1.618 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 3: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 2: 1.1608 High Nov 9 2021
- RES 1: 1.1440/1573 High Apr 23 / 21 and the bull trigger
- PRICE: 1.1341 @ 16:27 BST May 2
- SUP 1: 1.1271 Low May 1
- SUP 2: 1.1261 20-day EMA and a key support
- SUP 3: 1.1144/1025 High Apr 3 / 50-day EMA and a pivot level
- SUP 4: 1.0805 Low Apr 3
The recent pullback in EURUSD is considered corrective and the trend structure is unchanged, it remains bullish. MA studies are in a bull-mode position signalling a dominant uptrend, and the latest move down is allowing an overbought condition to unwind. A resumption of gains would open 1.1608 next, the Nov 9 2021 high. Key support is at the 20-day EMA, at 1.1251. A break of this average would signal scope for a deeper corrective pullback.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: Voters Sceptical Of Tariffs, Trump's Approval Rating Hits New Low
A new Marquette Law School national survey has found that, “Across lines of race, education, and gender, more people think tariffs will hurt rather than help the economy. The sole exception is white, non-college-educated men, one of Trump’s strongest supporting groups…”.
- Marquette continues: “Among this core of Trump’s support, 44% say tariffs help the economy and 40% say they hurt the economy.”
- The survey also notes: “A majority of adults, 58%, think Trump’s policies will increase inflation, 30% think his policies will decrease inflation, and 12% think they will have no effect on inflation.”
- Nate Silver at Silver Bulletin notes that the Marquette survey has pushed Trump's approval rating to a new low: "Trump’s disapproval rating has reached 50 percent in our average for the first time in his second term. After adding a new Marquette University Law School poll that has Trump underwater by 8 points, he sits at 47.2 percent approval and 50.0 percent disapproval in the Silver Bulletin average."
Figure 1: “Effect of tariffs on the economy, by race, education and gender,” US Adults
Source: Marquette Law School
US TSY OPTIONS: July'25 10Y Vol Sale
- -3,750 TYN5 111.5 straddles, 240-238 ref 111-26.5
MNI EXCLUSIVE: MNI Speaks to an EU Source About Tariff Retaliation
- MNI speaks to an EU source about tariff retaliation -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
