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Stubborn Gains

EURUSD TECHS
  • RES 4: 1.1990 High Mar 11
  • RES 3: 1.1947 High Mar 22 and the 50-day EMA
  • RES 2: 1.1896 1.0% 10-dma envelope
  • RES 1: 1.1853 High Mar 24 / Apr 6
  • PRICE: 1.1852 @ 16:53 GMT Apr 6
  • SUP 1: 1.1738 Low Apr 5
  • SUP 2: 1.1695 38.2% retracement of the Mar 2020 - Jan rally
  • SUP 3: 1.1647 1.50 proj of the Jan 6 - Feb 5 - Feb 25 price swing
  • SUP 4: 1.1603 Low Nov 4 and a key support

EURUSD traded higher Monday and markets built on those gains further Tuesday. This boosted the pair to 1.1853, matching the Mar 24 high. Further gains will challenge the bearish outlook, but for now technical indicators highlight a downside bias. Activity in March resulted in a break of support at 1.1836, Mar 9 low extending this year's bearish price sequence of lower and lower highs. Attention is on 1.1695 next, a Fibonacci retracement. Initial resistance is at 1.1896, the 1.0% 10-dma envelope.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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