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Short-Term Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.0998 High Jan 5
  • RES 3: 1.0981 High Mar 8 and the bull trigger
  • RES 2: 1.0943 High Mar 21
  • RES 1: 1.0831/0864 20-day EMA / High Mar 26
  • PRICE: 1.0778 @ 05:54 GMT Apr 3
  • SUP 1: 1.0695 Low Feb 14 and the bear trigger
  • SUP 2: 1.0656 Low Nov 10
  • SUP 3: 1.0611 76.4% retracement of the Oct - Dec bull rally
  • SUP 4: 1.0568 Low Nov 2 ‘23

EURUSD maintains a softer tone and for now, short-term gains are considered corrective. The move down this week reinforces a bearish theme and attention is on key support at 1.0695, the Feb 14 low and bear trigger. A break of this level would confirm a resumption of the bear leg that started on Dec 28. On the upside, initial firm resistance is at the 20-day EMA, at 1.0831. A move above this average is required to ease bearish pressure.

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