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Corrective Recovery

  • RES 4: 1.2113 High Mar 3 and key near-term resistance
  • RES 3: 1.2067 High Mar 4
  • RES 2: 1.1992 Low Mar 2
  • RES 1: 1.1952 Low Feb 5 and recent breakout level
  • PRICE: 1.1928 @ 05:53 GMT Mar 11
  • SUP 1: 1.1836/32 Low Mar 9 / 200-DMA
  • SUP 2: 1.1800 Low Nov 23
  • SUP 3: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 4: 1.1695 38.2% retracement 2020 - 2021 Rally

The EURUSD outlook remains bearish despite this week's corrective recovery. The recent break of key support at 1.1952, Feb 25 low still weighs on the pair. The move confirmed a resumption of the downtrend that started February 6. Attention is on the 200-dma, currently at 1.1832 ahead of the 1.1800 handle, Nov 23 low. Initial resistance is seen at 1.1952, the recent breakout level. A break would signal scope for a stronger correction.

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