Free Trial

Extends The Current Bear Leg

EURUSD TECHS
  • 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: 1.1857 @ 05:57 GMT Mar 9
  • SUP 1: 1.1836/25 Intraday low / 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

EURUSD outlook deteriorated further Monday as the current bear leg accelerated. The recent break of key support at 1.1952, Feb 25 low continues to weigh on the pair. This confirmed a resumption of the downtrend that started February 6. Monday's sell-off signals scope for a test of the 200-dma at 1.1825 ahead of the 1.1800 handle, Nov 23 low. Initial resistance is seen at 1.1952, the recent breakout level.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.