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Key Support Under Pressure

EURUSD TECHS
  • 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: 1.1824 @ 17:03 GMT Mar 24
  • SUP 1: 1.1812 Low Mar 24
  • 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 still Wednesday, closing near session lows. A bearish theme remains intact and strengthened on the break below key short-term support at 1.1836, Mar 9 low. The break of 1.1836 strengthens the bearish argument and confirms a resumption of this year's downtrend, opening 1.1800. Initial resistance is at 1.1947, the Mar 22 high. Note, the 200-day MA lies just above at 1.1860 and has been breached.

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

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