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Bullish Engulfing Candle

EURUSD TECHS
  • RES 4: 1.2113 High Mar 3
  • RES 3: 1.2067 High Mar 4
  • RES 2: 1.2045 50-day EMA
  • RES 1: 1.1989/90 High Mar 18 / 11
  • PRICE: 1.1937 @ 16:14 GMT Mar 18
  • SUP 1: 1.1883 Low Mar 16
  • SUP 2: 1.1848/36 200-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 Wednesday as a dovish Fed underpinned a modest recovery. In price pattern terms, Wednesday is a bullish engulfing reversal. If correct, it suggests the recent pullback between Mar 12 - 16 has been a correction and that a bullish theme has returned. The pair still needs to clear resistance at 1.1990, Mar 11 high to strengthen the argument for bulls. This would open 1.2067, Mar 4 high. Support is at 1.1883, Mar 16 low.

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