Free Trial

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
  • 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: 1.1001 @ 16:17 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.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.