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Strong Bounce

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: 1.0745 High Feb 15
  • RES 1: 1.0705/27 High Feb 20/50-dma
  • PRICE: 1.0682 @ 13:10 GMT Mar 1
  • SUP 1: 1.0533 Low Feb 27
  • 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: 1.0436 2.0% 10-dma envelope

EURUSD is trading higher today and has moved through resistance at the 50-day EMA, at 1.0662. For now, short-term gains are considered corrective, however, a continuation higher would expose resistance at 1.0803, the Feb 14 high and a key short-term level. Clearance of this hurdle would strengthen a bullish case. On the downside, a break of 1.0533, Monday’s low, would resume the recent bear cycle and open 1.0484, Jan 6 low and key support.

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