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Key Short-Term Resistance Remains Intact

  • RES 4: 1.1280 Low Feb 14
  • RES 3: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1173/1222 50-day EMA / 2.0% 10-dma envelope
  • RES 1: 1.1137 High Mar 17 and key near-term resistance
  • PRICE: 1.0979 @ 06:05 GMT Mar 24
  • SUP 1: 1.0961 Low Mar 22
  • SUP 2: 1.0890/06 Low Mar 9 / Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD still appears vulnerable, following the recent move lower from 1.1137, the Mar 17 high. Recent price action challenged resistance at 1.1121, Jan 28 low and the Mar 10 high, but failed to confirm a clear break of this hurdle. This has reinforced bearish conditions and note that the primary trend remains down. Further weakness would open 1.0890, the Mar 9 low and 1.0806, Mar 7 low and bear trigger. Key short-term resistance is at 1.1137.

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