EURUSD TECHS: Pullback Considered Corrective
Apr-25 17:00
- 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: 1.1573 High Apr 21 and the bull trigger
- PRICE: 1.1369 @ 15:29 BST Apr 25
- SUP 1: 1.1308 Low Apr 23
- SUP 2: 1.1201 20-day EMA and a key support
- SUP 3: 1.1144/0952 High Apr 3 / 50-day EMA and a pivot level
- SUP 4: 1.0805 Low Apr 3
EURUSD is trading at this week’s low through the London close. The latest pullback is considered corrective and the trend structure remains bullish. A price sequence of higher highs and higher lows remains intact and note that MA studies are in a bull-mode position too, signalling a dominant uptrend. The focus is on 1.1608 next, the Nov 9 2021 high. Key support is unchanged at the 20-day EMA, at 1.1201. A break of this average would signal scope for a deeper retracement.
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