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Clears Support At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0955/981 High Mar 14 / 8 and the bull trigger
  • RES 1: 1.0906 High Mar 18
  • PRICE: 1.0846 @ 11:13 GMT Mar 19
  • SUP 1: 1.0835 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

A bull theme in EURUSD remains intact, however, a corrective cycle suggests potential for a continuation lower near-term. This week’s move down reinforces a S/T bearish theme and today, price has traded through the 50-day EMA, at 1.0859. The break signals scope for a deeper retracement, towards 1.0796, Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, is required to reinstate the recent uptrend.

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