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Bearish Price Structure

EURUSD TECHS
  • RES 4: 1.1997 50-day EMA
  • RES 3: 1.1989/90 High Mar 18 / 11 and the short-term bull trigger
  • RES 2: 1.1947 High Mar 22
  • RES 1: 1.1853 High Mar 24
  • PRICE: 1.1780 @ 05:51 GMT Mar 29
  • SUP 1: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 2: 1.1746 Low Nov 11, 2020
  • SUP 3: 1.1711 Low Nov 5
  • SUP 4: 1.1694 1.382 proj of the Jan 6 - Feb 5 - Feb 25 price swing

EURUSD maintains a weaker tone following last week's bearish pressure. The pair has cleared the 1.1800 handle and attention is on 1.1752 next, a Fibonacci projection. Last week's move lower also resulted in a break of the 200-day MA and confirmed a resumption of this year's downtrend. On the upside, firm resistance is at 1.1947, the Mar 22 high. Initial resistance though is at 1.1853.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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