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Deeper Retracement Would Expose Key Support

EURUSD TECHS
  • RES 4: 1.0981 High Mar 8 and the bull trigger
  • RES 3: 1.0943 High Mar 21
  • RES 2: 1.0883 61.8% retracement of the Mar 8 - Apr 2 bear leg
  • RES 1: 1.0877 High Apr 04
  • PRICE: 1.0843 @ 17:02 GMT Apr 5
  • SUP 1: 1.0725 Low Apr 2
  • SUP 2: 1.0695 Low Feb 14 and the bear trigger
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull rally

EURUSD traded higher Thursday before reversing lower from the session high, and the pair is trading lower today. Resistance at 1.0864, the Mar 26 high, has been breached this week and this highlights a positive development for bulls. A resumption of gains would open 1.0943, the Mar 21 high. On the downside, a deeper pullback would instead refocus attention on the key support at 1.0695, the Feb 14 low and the bear trigger.

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