Pulls Away From Recent Highs

• RES 4: 1.1280 Low Feb 14
• RES 3: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
• RES 2: 1.1186/1216 50-day EMA / 2.0% 10-dma envelope
• RES 1: 1.1137 High Mar 17 and key near-term resistance
• PRICE: 1.1013 @ 16:43 GMT Mar 22
• SUP 1: 1.0949 Low Mar 16
• SUP 2: 1.0890/06 Low Mar 9 / Low Mar 7 and the bear trigger
• SUP 3: 1.0767 Low May 7 2020
• SUP 4: 1.0727 Low Apr 24, 2020

EURUSD recovered into the London close, but remains lower on the week as the pair continues to pull away from last week’s high of 1.1137. Recent price action challenged resistance at 1.1121, the Jan 28 low, a recent breakout level plus the Mar 10 high. The failure to confirm a clear break though reinforces bearish conditions - the trend remains down. Further weakness would open 1.0890, the Mar 9 low and 1.0806, the Mar 7 low and bear trigger. Key short-term resistance is at 1.1137.