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Flips Bear Trigger

EURUSD TECHS
  • RES 4: 1.0839 50.0% retracement of the Feb 2 - Mar 8 bear leg
  • RES 3: 1.0803 High Feb 14 and key resistance
  • RES 2: 1.0779 50.0% retracement of the Feb 2 - Mar 8 bear leg
  • RES 1: 1.0760 Intraday high
  • PRICE: 1.0541 @ 16:34 GMT Mar 15
  • SUP 1: 1.0517 1.0% 10-dma envelope
  • SUP 2: 1.0516 Low Mar 15
  • SUP 3: 1.0484 Low Jan 6 and a key support
  • SUP 4: 1.0431 Trendlione support drawn from the Sep 28 2022 low

EURUSD faded fast off the overnight high at 1.0760, slipping sharply in one-way trade to flip the bear trigger at 1.0525. This reverses the previous short-term bullish theme and signals a potential reversal lower toward the 1.05 handle and beyond. Markets need to steady any further declines from here, before any recovery can be considered. A break of 1.0760 is required to reinstate a bullish theme and open 1.0779, a Fibonacci retracement.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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