EM CEEMEA CREDIT: ISCTR: Loan agreement

• RES 4: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 3: 1.1608 High Nov 9 2021
• RES 2: 1.1440/1573 High Apr 23 / 21 and the bull trigger
• RES 1: 1.1273/1381 20-day EMA / High May 2 - 6  
• PRICE: 1.1159 @ 08:14 BST May 12
• SUP 1: 1.1144 High Apr 3
• SUP 2: 1.1075 50-day EMA and a pivot level  
• SUP 3: 1.1026 38.2% retracement of the Feb 3 - Apr 21 bull cycle      
• SUP 4: 1.0943 Low Apr 10  

EURUSD maintains a softer short-term tone and the pair is trading lower today. Recent weakness appears corrective and key trend signals remain bullish. However, the pair has traded through the 20-day EMA and this exposes the next important support at 1.1082, the 50-day EMA. On the upside, initial resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction.

• RES 4: $36.000 - Round number resistance 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.590 - High Mar 28  
• RES 1: $33.686 - High Apr 25                                        
• PRICE: $32.873 @ 08:11 BST May 12
• SUP 1: $31.668 -  Low May 1
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A bullish theme in Silver remains intact and the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low. A break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.

• RES 4: 1.4296 High Apr 7
• RES 3: 1.4111 High Apr 4 
• RES 2: 1.4037 50-day EMA 
• RES 1: 1.3945 High May 9
• PRICE: 1.3935 @ 08:08 BST May 12
• SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger  
• SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
• SUP 3: 1.3696 Low Oct 10 2024
• SUP 4: 1.3643 Low Oct 9 ‘24 

USDCAD continues to trade above its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low last Tuesday reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4037, the 50-day EMA.