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Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.0915 76.4% retracement of the Feb 2 - 27 downleg.
  • RES 3: 1.0803 High Feb 14 and a key short-term resistance
  • RES 2: 1.0724/27 38.2% of the Feb 2 - 27 downleg / 50-dma
  • RES 1: 1.0659/91 50-day EMA / High Mar 1
  • PRICE: 1.0612 @ 05:45 GMT Mar 3
  • SUP 1: 1.0533 Low Feb 27 and bear trigger
  • SUP 2: 1.0484 Low Jan 6 and a key support
  • SUP 3: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
  • SUP 4: 1.0410 2.0% 10-dma envelope

EURUSD resistance is at 1.0659, the 50-day EMA. The average was pierced Wednesday, however, a clear break is required to suggest scope for a stronger recovery. This would expose resistance at 1.0803, Feb 14 high and a key short-term level. Clearance of this hurdle would strengthen a bullish case. For now, short-term gains are considered corrective. Support to watch is 1.0533, Monday’s low. A break would resume the bear cycle.

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