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ECB Rally Meets First Resistance

EURUSD TECHS
  • RES 4: 1.1353 1.0% Upper Bollinger Band
  • RES 3: 1.1166 1.0% 10-dma envelope
  • RES 2: 1.1154 20-day EMA
  • RES 1: 1.1121 Low Jan 28/Mar 10 and recent breakout level
  • PRICE: 1.0995 @ 17:42 GMT Mar 10
  • SUP 1: 1.0890/06 Low Mar 9 / Low Mar 7 and the bear trigger
  • SUP 2: 1.0767 Low May 7 2020
  • SUP 3: 1.0727 Low Apr 24, 2020
  • SUP 4: 1.0654 2.50 proj of the Jan - Mar - May 2021 price swing

The hawkish interpretation of the ECB's initial press release put EUR/USD at a new daily high of 1.1121 - inline with the Jan28 low and recent breakout level flagged earlier in the week. With resistance holding here, bulls will look for a clear break above before targeting the next key upside level of 1.1154 - the 20-day EMA as well as the vol-band resistance of 1.1166 - marking Thursday's 1.0% 10-dma envelope. The Wednesday low at 1.0890 marks first support ahead of the cycle low at 1.0806.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEuropean Central Bank (ECB) Market NewsBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEuropean Central Bank (ECB) Market NewsBulletMarketsForeign Exchange Bullets

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