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Support Remains Exposed

EURUSD TECHS
  • RES 4: 1.1274 High Feb 25
  • RES 3: 1.1253 2.0% 10-dma envelope
  • RES 2: 1.1222 61.8% of Feb 10 - Mar 7 sell-off
  • RES 1: 1.1185/1203 High Mar 31 / 3.0% Upper Bollinger Band
  • PRICE: 1.0918 @ 17:03 BST Apr 5
  • SUP 1: 1.0917 Low Apr 05 and key support
  • SUP 2: 1.0898/06 Low Mar 14 / Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD traded lower again Tuesday, starting the week on a softer note. The recent failure at 1.1185, Mar 31 high and more importantly, the inability to remain above the 50-day EMA (breached last week), highlights a developing bearish threat that leaves support exposed. A break of Tuesday’s 1.0917 would signal scope for a deeper sell-off and open 1.0898, the Mar 14 low. Clearance of 1.1185 is required to reinstate a bull theme.

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