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Resistance Stays Intact - For Now

EURUSD TECHS
  • RES 4: 1.0836 61.8% retracement of the Feb 2 - Mar 8 bear leg
  • RES 3: 1.0803 High Feb 14 and key resistance
  • RES 2: 1.0775 50.0% retracement of the Feb 2 - Mar 15 bear leg
  • RES 1: 1.0760 High Mar 15 and the bull trigger
  • PRICE: 1.0712 @ 05:34 GMT Mar 21
  • SUP 1: 1.0653/1.0516 50-day EMA / Low Mar 15
  • SUP 2: 1.0484 Low Jan 6 and a key support
  • SUP 3: 1.0461 Trendline support drawn from the Sep 28 2022 low
  • SUP 4: 1.0394 Low Dec 1

EURUSD traded higher Monday, however, price remains below resistance at 1.0760, the Mar 15 high. This level represents a key short-term resistance where a break is required to reinstate a bullish theme. The sell-off on Mar 15, resulted in a brief test below key support at 1.0525, Mar 8 low. A clear breach of this support would strengthen a bearish threat and open 1.0484, the Jan 6 low and 1.0461, a trendline support drawn from the Sep 28 2022 low.

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