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Resistance Pierced, Eyes Turn Higher

EURUSD TECHS
  • RES 4: 1.1046 High Jan 2
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0932 High Jan 24
  • RES 1: 1.0909 High Mar 06
  • PRICE: 1.0856 @ 16:06 GMT Mar 6
  • SUP 1: 1.0796 Low Feb 29
  • SUP 2: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull leg

EURUSD pierced the top end of the recent range Wednesday, showing above key resistance at the 1.0888 level in the process. This level could prove key at the close, and a confirmed break above would mark a resumption of the bounce off the YTD low at 1.0695 in February. 1.0932 marks the next notable level - the Jan 24 high. For bears, the shooting star pattern on Feb 22 continues to highlight a possible reversal. A stronger move lower would expose 1.0695, Feb 14 low.

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  • RES 4: 1.1046 High Jan 2
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0932 High Jan 24
  • RES 1: 1.0909 High Mar 06
  • PRICE: 1.0856 @ 16:06 GMT Mar 6
  • SUP 1: 1.0796 Low Feb 29
  • SUP 2: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull leg

EURUSD pierced the top end of the recent range Wednesday, showing above key resistance at the 1.0888 level in the process. This level could prove key at the close, and a confirmed break above would mark a resumption of the bounce off the YTD low at 1.0695 in February. 1.0932 marks the next notable level - the Jan 24 high. For bears, the shooting star pattern on Feb 22 continues to highlight a possible reversal. A stronger move lower would expose 1.0695, Feb 14 low.