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Clears Key Support

EURUSD TECHS
  • RES 4: 1.2184 High Feb 26
  • RES 3: 1.2113 High Mar 3 and key near-term resistance
  • RES 2: 1.2067 High Mar 4
  • RES 1: 1.1992 Low Mar 2
  • PRICE: 1.1911 @ 05:50 GMT Mar 8
  • SUP 1: 1.1894 Low Mar 5
  • SUP 2: 1.1882 Low Nov 25
  • SUP 3: 1.1846 1.00 proj of the Jan 6 - Feb 5 sell-off from Feb 25 high
  • SUP 4: 1.1800 Low Nov 23

EURUSD outlook remains bearish and Friday's weakness reinforces this condition. The move lower resulted in a breach of key support at 1.1952, Feb 25 low to confirm a resumption of the bearish cycle that started February 6. This opens 1.1882 next, Nov 25 low and 1.1846, the projection of the Jan 6 - Feb 5 sell-off from Feb 25 high. Firm near-term resistance has been defined at 1.2113, Mar 3 high. Initial resistance is seen at 1.1992, Mar 2 low.

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