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Lower, But Within Ranges

EURUSD TECHS
  • RES 4: 1.2237 1.0% 10-dma Envelope
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2180 High Feb 22
  • PRICE: 1.2138 @ 16:36 GMT Feb 24
  • SUP 1: 1.2082 Low Feb 19
  • SUP 2: 1.2023 Low Feb 17
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD ebbed lower into the Wednesday close, but steered clear of any test on nearby supports. Earlier this week, markets topped 1.2169, the Feb 16 high, which has helped the outlook. This confirms a resumption of the recovery from the Feb 5 low and opens 1.2190 initially, Jan 22 high. Importantly too, this break higher negates the bearish shooting candle pattern from Feb 16. The key S/T support is at 1.2023. A break would be bearish and expose 1.1952, Feb 5 low.

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

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