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Corrective Phase

EURUSD TECHS
  • RES 4: 1.2113 High Mar 3
  • RES 3: 1.2067 High Mar 4
  • RES 2: 1.2024 20-day EMA
  • RES 1: 1.1990 High Mar 11
  • PRICE: 1.1923 @ 14:16 GMT Mar 12
  • SUP 1: 1.1910 Intraday low
  • SUP 2: 1.1836 Low Mar 9 and the 200-DMA
  • 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 has remained under pressure today. This week's gains though resulted in a break yesterday of 1.1952 resistance, Feb 25 high. This suggests scope for gains near-term and an extension higher would expose the 20-day EMA that intersects at 1.2024. From a broader trend perspective, a bear trend remains intact. An extension lower and a breach of 1.1836, Mar 9 low would resume the downtrend.

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