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Key Support Under Pressure

  • RES 4: 1.2067 High Mar 4
  • RES 3: 1.2040 50-day EMA
  • RES 2: 1.1989/90 High Mar 18 / 11 and the short-term bull trigger
  • RES 1: 1.1947 High Mar 22
  • PRICE: 1.1841 @ 05:49 GMT Mar 24
  • SUP 1: 1.1836 Low Mar 9 and intraday low
  • SUP 2: 1.1800 Low Nov 23
  • SUP 3: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 4: 1.1746 Low Nov 11, 2020

EURUSD traded lower yesterday and closed near session lows. A bearish theme remains intact and attention turns to key short-term support at 1.1836, Mar 9 low. Note, the 200-day MA lies just above at 1.1860 and has been breached. A break of 1.1836 would strengthen a bearish argument and confirm a resumption of this year's downtrend, opening 1.1800. Initial resistance is at 1.1947, the Mar 22 high.

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