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Resumes The 2021 Downtrend

EURUSD TECHS
  • RES 4: 1.2015 50-day EMA
  • RES 3: 1.1989/90 High Mar 18 / 11 and the short-term bull trigger
  • RES 2: 1.1947 High Mar 22
  • RES 1: 1.1853 High Mar 24
  • PRICE: 1.1821 @ 05:59 GMT Mar 25
  • SUP 1: 1.1800 Low Nov 23
  • SUP 2: 1.1752 1.236 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 3: 1.1746 Low Nov 11, 2020
  • SUP 4: 1.1711 Low Nov 5

EURUSD traded lower Wednesday, closing near session lows. A bearish theme remains intact and strengthened yesterday's break of key short-term support at 1.1836, Mar 9 low. Note, the 200-day MA has also this week been breached. This confirms a resumption of this year's downtrend and sets the scene for an extension lower, opening 1.1800 next, Nov 23 low. Initial firm resistance is at 1.1947, the Mar 22 high.

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