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Attention Is On Key Support

EURUSD TECHS
  • RES 4: 1.2067 High Mar 4
  • RES 3: 1.2040 50-day EMA
  • RES 2: 1.1989/90 High Mar 18 / 11 and the short-term bull trigger
  • RES 1: 1.1947 High Mar 22
  • PRICE: 1.1921 @ 05:32 GMT Mar 23
  • SUP 1: 1.1872 Low Mar 22
  • SUP 2: 1.1857/36 200-DMA / Low Mar 9 and the bear trigger
  • SUP 3: 1.1800 Low Nov 23
  • SUP 4: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing

EURUSD traded higher yesterday however despite this, a bearish risk remains present. The sell-off Thursday / Friday resulted in a break of 1.1883, Mar 16 low. This strengthens a short-term bearish theme and exposes key support at 1.1836, Mar 9 low. Note, the 200-day MA lies just above at 1.1857. A break of 1.1836 and of the MA, would confirm a resumption of this year's downtrend and open 1.1800. Key resistance is seen at 1.1990, Mar 11 high.

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