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Recovers From Its Recent Lows

EURUSD TECHS
  • RES 4: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0981 High Mar 8 and the bull trigger
  • RES 1: 1.0955 High Mar 14
  • PRICE: 1.0935 @ 05:29 GMT Mar 21
  • SUP 1: 1.0879/35 20-day EMA / Low Mar 19 and key support
  • SUP 2: 1.0796 Low Feb 29
  • SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 4: 1.0656 Low Nov 10

A bull theme in EURUSD remains intact and yesterday’s gains are a positive development. A continuation higher would signal scope for a test of key short-term resistance at 1.0981, the Mar 8 high and bull trigger. Clearance of this level would confirm a resumption of the bull cycle that started Feb 14. Key short-term has been defined at 1.0835, the Mar 19 low. A break would be bearish.

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