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Eyeing Key Support

EURUSD TECHS
  • RES 4: 1.1241 2.0% 10-dma envelope
  • RES 3: 1.1222 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1185/1201 High Mar 31 / 3.0% Upper Bollinger Band
  • RES 1: 1.1036 20-day EMA
  • PRICE: 1.0908 @ 17:16 BST Apr 6
  • SUP 1: 1.0875 Low Apr 6
  • SUP 2: 1.0806 Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD traded lower again early Wednesday, extending the pullback from 1.1185, Mar 31 high. The recent failure at 1.1185 and more importantly, the inability to remain above the 50-day EMA (breached last week), highlighted a developing bearish threat and this week’s sell-off has reinforced this theme. The break of 1.0945 signals scope for a deeper sell-off towards 1.0806, the Mar 7 low and a bear trigger. Clearance of 1.1185 would reinstate a bull theme.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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