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Needle Still Points South

EURUSD TECHS
  • RES 4: 1.1608 High Nov 9, 2021
  • RES 3: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 2: 1.1396/1.1495 High Feb 16 / High Feb 10
  • RES 1: 1.1280/1313 Low Feb 14 / Intraday high
  • PRICE: 1.1105 @ 16:59 GMT Mar 1
  • SUP 1: 1.1099 Low Mar 1 and bear trigger
  • SUP 2: 1.1040 76.4% retracement of the Jan ‘21 - Mar ‘21 bull phase
  • SUP 3: 1.0976 2.00 projection of the Jan - Jun - May ‘21 price swing
  • SUP 4: 1.0871 Low May 25, 2020

EURUSD returned to new lows Tuesday, cementing the bearish outlook and keeping the pair vulnerable. This follows the Feb 24 sell-off that breached support at 1.1280, the Feb 14 low and 1.1209, the 76.4% retracement of the recent Jan 28 - Feb 10 upleg. The move lower resulted in a slide through support at 1.1121, the Jan 28 low and a bear trigger. This opens 1.1040 and below. Resistance is seen at 1.1280.

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

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