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Firmer Short-Term Tone

EURUSD TECHS
  • RES 4: 1.1274 High Feb 25
  • RES 3: 1.1261 2.0% 10-dma envelope
  • RES 2: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
  • RES 1: 1.1222 3.0% Upper Bollinger Band
  • PRICE: 1.1107 @ 16:22 GMT Mar 31
  • SUP 1: 1.1058/0945 20-day MA / Low Mar 28
  • 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 maintains a firmer short-term tone following this week’s gains and the break of key near-term resistance at 1.1137, Mar 17 high. The break eases recent bearish threats and highlights a resumption of the bull cycle that started Mar 7. Prices have also topped the 50-day EMA at 1.1150. This paves the way for strength towards 1.1232 initially, a Fibonacci retracement, ahead of 1.1261, the 2.0% 10-dma envelope. Initial firm support is at 1.0945.

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