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Key Support Holds For Now

EURUSD TECHS
  • RES 4: 1.1243 3.0% Upper Bollinger Band
  • RES 3: 1.1185/1222 High Mar 31 / 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1073 50-day EMA
  • RES 1: 1.0963 20-day EMA
  • PRICE: 1.0913 @ 06:08 BST Apr 14
  • SUP 1: 1.0806 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: 1.0659 0.764 proj of the Feb 10 - Mar 7 - 31 price swing

EURUSD has recovered from Wednesday’s low and key support at 1.0806, the Mar 7 low, remains intact. The outlook is bearish though. The recent failure at 1.1185, Mar 31 high, continues to highlight a bearish threat. A break of 1.0806 would confirm a resumption of the downtrend and open 1.0767, the May 7 2020 low. For bulls, clearance of 1.1185 is needed to highlight a base and reinstate a bull theme. Initial resistance is at 1.0963, the 20-day EMA.

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