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Key Support Exposed

EURUSD TECHS
  • RES 4: 1.2243 High Feb 25 and the bull trigger
  • RES 3: 1.2184 High Feb 26
  • RES 2: 1.2113 High Mar 3
  • RES 1: 1.2067 High Mar 4
  • PRICE: 1.1959 @ 05:53 GMT Mar 5
  • SUP 1: 1.1952 Low Feb 5, intraday low and the bear trigger
  • SUP 2: 1.1945 23.6% retracement of the Mar - Jan rally
  • SUP 3: 1.1908 Low Nov 27
  • SUP 4: 1.1882 Low Nov 25

The EURUSD short-term outlook remains bearish and yesterday's sharp move lower reinforces this condition. The move lower exposes key near-term support at 1.1952, Feb 25 low where a break would confirm a resumption of the move lower that started February 6. This would open 1.1945, a retracement level and 1.1908, the Nov 27 low. Firm near-term resistance has been defined at 1.2113, Mar 3 high.

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