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Key Short-Term Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.1280 Low Feb 14
  • RES 3: 1.1232 61.8% of Feb 10 - Mar 7 sell-off and the 50-day EMA
  • RES 2: 1.1129 1.0% 10-dma envelope
  • RES 1: 1.1121 Low Jan 28/High Mar 10 and recent breakout level
  • PRICE: 1.0913 @ 06:18 GMT Mar 14
  • SUP 1: 1.0890/06 Low Mar 9 / Low Mar 7 and the bear trigger
  • SUP 2: 1.0767 Low May 7 2020
  • SUP 3: 1.0727 Low Apr 24, 2020
  • SUP 4: 1.0654 2.50 proj of the Jan - Mar - May 2021 price swing

EURUSD remains below resistance at 1.1121 - the Jan 28 low, a recent breakout level plus the Mar 10 high. While this resistance holds, a bearish threat remains present and attention is on key near-term support at 1.0806, Mar 7 low. On the upside, bulls will look for a clear break of 1.1121 to signal scope for a stronger corrective rally that would open 1.1232, the 50-day EMA and a Fibonacci retracement. A break of 1.0806 resumes the downtrend.

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