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Remains Below Resistance

  • RES 4: 1.1046 High Jan 2
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0932 High Jan 24
  • RES 1: 1.0888/98 High Feb 22 and a key resistance / High Feb 02
  • PRICE: 1.0836 @ 16:11 GMT Mar 1
  • SUP 1: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 2: 1.0656 Low Nov 10
  • SUP 3: 1.0611 76.4% retracement of the Oct - Dec bull leg
  • SUP 4: 1.0568 Low Nov 2

EURUSD traded lower Thursday and remains below its Feb 22 high. The pair has pierced resistance around the 50-day EMA - at 1.0834. A clear break of this average would highlight a stronger reversal. 1.0888, the Feb 22 high, is also seen as a key resistance. A breach would open 1.0932, Jan 24 high. Note that the price pattern on Feb 22 is a shooting star candle and a possible reversal signal. A stronger move lower would expose 1.0695, Feb 14 low.

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