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A$ Remains Under Pressure


Modest Cheapening Observed

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Corrective Phase

  • RES 4: 3926.56 1.764 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 3: 3900.30 High May 2008
  • RES 2: 3889.08 1.618 proj of Dec 21 - Jan 8 rally from Jan 28 low
  • RES 1: 3874.91 High Mar 18 and the bull trigger
  • PRICE: 3832.57 @ Close Mar 25
  • SUP 1: 3784.09 Low Mar 25
  • SUP 2: 3742.53 High Feb 15 and recent breakout level
  • SUP 3: 3712.70 50-day EMA
  • SUP 4: 3679.35 Low Mar 8

EUROSTOXX 50 remains below recent highs. Short-term retracements are considered corrective with bullish conditions intact. The breach on Mar 8 of 3742.53, Feb 15 high confirmed a resumption of the uptrend. This also maintains the bullish price sequence of higher highs and higher lows. The focus is on 3889.08 next, a Fibonacci projection. Initial support has been defined at 3784.09, yesterday's low.

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