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Bull Cycle Extends

EURUSD TECHS
  • RES 4: 1.1084 High Dec 29
  • RES 3: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 2: 1.0998 High Jan 5
  • RES 1: 1.0969 61.8% retracement of the Dec 28 - Feb 14 bear leg
  • PRICE: 1.0946 @ 05:52 GMT Mar 8
  • SUP 1: 108.43 50-day EMA
  • 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

EURUSD has traded higher this week and yesterday’s gains confirmed a clear breach of a key resistance at 1.0888, the Feb 22 high. The break higher highlights a stronger reversal off the YTD low of 1.0695 in February. Scope is seen for a continuation higher with the focus on 1.0969 next, a Fibonacci retracement. Initial support to watch lies at 1.0843, the 50-day EMA. A break of this average is required to signal a top.

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