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Support Lies At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1084 High Dec 29
  • RES 3: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
  • RES 2: 1.0998 High Jan 5
  • RES 1: 1.055/981 High Mar 14 / 8 and the bull trigger
  • PRICE: 1.0872 @ 16:44 GMT Mar 18
  • SUP 1: 1.0859 50-day EMA
  • SUP 2: 1.0796 Low Feb 29
  • SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
  • SUP 4: 1.0656 Low Nov 10

A bull theme in EURUSD remains intact and last week’s move lower is considered corrective - for now. Support to watch is at the 50-day EMA, at 1.0859. A clear break of this average would threaten the bullish theme and signal scope for a deeper retracement, towards 1.0796, the Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, would resume the uptrend and open 1.0998, the Jan 5 high.

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