FOREX:Euro Needs to Close Above 1.1763 to Turn the Tide: Major Support and Resistance 31.05.2018

31.05.2018 / 14:52

Rating:

EUR/USD -- The pair rebounds as flagged following DeMark
buy setup and buy countdown completion on the daily; strong
resistance at 1.1800-50, while the Bloomberg Trender Indicator
suggests a close above 1.1763 negates bearish trend; at bar 7 on
weekly buy setup
* 3rd resistance: 1.1796, 21-DMA
* 2nd resistance: 1.1728, May 28 high
* 1st resistance: 1.1721, pivot r1
* Spot: 1.1685
* 1st support: 1.1597, midpoint of Wednesday’s range
* 2nd support: 1.1564, pivot s1
* 3rd support: 1.1510, May 29 low

GBP/USD -- Cable almost satisfies 1.31 double-top target;
completes a daily DeMark buy setup and buy countdown, correction
unfolds
* 3rd resistance: 1.3447, 21-DMA
* 2nd resistance: 1.3341, May 28 high
* 1st resistance: 1.3325, May 29 high
* Spot: 1.3315
* 1st support: 1.3242, May 30 low
* 2nd support: 1.3205, May 29 low
* 3rd support: 1.3109, midpoint of gains since October 2016
flash-crashh

USD/JPY -- In a bearish short-term trend; risk of deeper
losses as DeMark sell setup completed on the weekly, 55-DMA
supports
* 3rd resistance: 109.69, 21-DMA
* 2nd resistance: 109.47, May 29 high
* 1st resistance: 109.07, May 30 high
* Spot: 108.71
* 1st support: 108.35, May 30 low
* 2nd support: 108.15, 55-DMA
* 3rd support: 107.98, midpoint of gains since March 26

AUD/USD -- On a monthly basis, Aussie is set to complete a
DeMark Buy Countdown; 55-DMA pivotal
* 3rd resistance: 0.7622, 55-DMA
* 2nd resistance: 0.7605, May 22 high
* 1st resistance: 0.7584, May 30 high
* Spot: 0.7570
* 1st support: 0.7531, 21-DMA
* 2nd support: 0.7476, May 30 low
* 3rd support: 0.7447-48, May 16-15 lows

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX:Euro Needs to Close Above 1.1763 to Turn the Tide: Major Support and Resistance 31.05.2018

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