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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: 1.1849 @ 17:02 GMT Mar 8
  • SUP 1: 1.1846 Low Mar 8 / 1.00 proj of the Jan 6 - Feb 5 sell-off from Feb 25 high
  • SUP 2: 1.1825 200-DMA
  • SUP 3: 1.1800 Low Nov 23
  • SUP 4: 1.1695 38.2% 2020 - 2021 Rally

EURUSD outlook deteriorated further Monday, accelerating the move lower after breaking key support at 1.1952, Feb 25 low. This confirms the resumption of the bearish cycle that started February 6. Monday also saw 1.1882 give way, opening 1.1846 initially ahead of the 200-dma at 1.1825. Firm near-term resistance has been defined at 1.2113, Mar 3 high. Initial resistance is seen at 1.1992, Mar 2 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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