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Bear Threat Remains Present

EURUSD TECHS
  • RES 4: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0955/981 High Mar 14 / 8 and the bull trigger
  • RES 1: 1.0906 High Mar 18
  • PRICE: 1.0856 @ 16:04 GMT Mar 20
  • SUP 1: 1.0835 Low Mar 19
  • SUP 2: 1.0796 Low Feb 29
  • SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 4: 1.0656 Low Nov 10

A bull theme in EURUSD remains intact, however, a corrective cycle continues to suggest scope for a continuation lower near-term. The pair has pierced the 50-day EMA, at 1.0860. A clear break of the average would open 1.0796, the Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, is required to reinstate the recent uptrend. Initial resistance is at 1.0906, the Mar 18 high.

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