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Remains Below Recent Highs

EURUSD TECHS
  • RES 4: 1.1280 Low Feb 14
  • RES 3: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1180/1229 50-day EMA / 2.0% 10-dma envelope
  • RES 1: 1.1137 High Mar 17 and key near-term resistance
  • PRICE: 1.1035 @ 06:07 GMT Mar 23
  • SUP 1: 1.0961 Low Mar 22
  • 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 off yesterday’s 1.0961 low. The pair is lower on the week though and continues to trade below last week’s high of 1.1137. Recent price action challenged resistance at 1.1121, Jan 28 low and the Mar 10 high. The failure to confirm a clear break of this hurdle reinforces bearish conditions - the primary trend remains down. Further weakness would open 1.0890, the Mar 9 low and 1.0806, Mar 7 low and bear trigger. Resistance is at 1.1137.

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