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Fails To Remain Above The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1274 High Feb 25
  • RES 3: 1.1258 2.0% 10-dma envelope
  • RES 2: 1.1222 61.8% of Feb 10 - Mar 7 sell-off
  • RES 1: 1.1185/1223 High Mar 31 / 3.0% Upper Bollinger Band
  • PRICE: 1.1049 @ 06:09 GMT Apr 4
  • SUP 1: 1.1028/0945 Low Apr 1 / Mar 28 and a key support
  • SUP 2: 1.0898/06 Low Mar 14 / Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD remains below last week’s highs. An important S/T resistance has been defined at 1.1185, the Mar 31 high. A number of important resistance points were cleared last week, including the 50-day EMA - at 1.1143 today. Short-term conditions remain bullish, however, a failure to remain above the 50-day EMA is a concern for bulls. A break above 1.1185 opens 1.1232 initially, a Fibonacci retracement. Key support to watch is at 1.0945.

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