February 29, 2024 18:00 GMT
Resistance Remains Intact
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: 1.0888/98 High Feb 22 and a key resistance / High Feb 02
- PRICE: 1.0810 @ 16:31 GMT Feb 29
- 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 continues to trade closer to its recent highs, despite a fade into the Thursday close. The pair has pierced the 50-day EMA - at 1.0835. A clear break of this average would highlight a stronger reversal. 1.0888, the Feb 22 high, is also seen as a key resistance. Clearance of it would open 1.0932, the Jan 24 high. Note that the price pattern on Feb 22 is a shooting star candle (inverted hammer) and a possible reversal signal. A move lower would expose 1.0695, Feb 14 low.
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