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Rally Exposes Key Short-Term Resistance

  • RES 4: 1.1274 High Feb 25
  • RES 3: 1.1232/35 61.8% of Feb 10-Mar 7 sell-off / 2.0% 10-dma env
  • RES 2: 1.1152 50-day EMA
  • RES 1: 1.1137 High Mar 17 and key near-term resistance
  • PRICE: 1.1126 @ 14:47 GMT Mar 29
  • SUP 1: 1.0945 Low Mar 28
  • 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 has reacted higher today and remains near session highs. The rally exposes the key near-term resistance of 1.1137, Mar 17 high. A break of this resistance would ease recent bearish threats and instead would highlight a developing bullish theme. Note too that the 50-day EMA intersects at 1.1152, an equally important resistance. A breach of this zone would open 1.1232. Initial support is at 1.0945, Monday’s low.

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