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Testing Key Fib Support

EURUSD TECHS
  • RES 4: 1.1431 High Feb 11
  • RES 3: 1.1396 High Feb 16
  • RES 2: 1.1328 50-day EMA
  • RES 1: 1.1233/80 High Mar 1 / Low Feb 14
  • PRICE: 1.1050 @ 16:45 GMT Mar 3
  • SUP 1: 1.1040 76.4% retracement of the Jan ‘21 - Mar ‘21 bull phase
  • SUP 2: 1.1028 Low Mar 3
  • SUP 3: 1.0976 2.00 projection of the Jan - Jun - May ‘21 price swing
  • SUP 4: 1.0871 Low May 25, 2020

EURUSD remains in a downtrend, with the pair registering another cycle low Thursday, touching 1.1028. The downtick saw prices show below key Fib support at the 1.1040 76.4% retracement level. A convincing break here would be another bearish development. Clearance through here opens 1.0976 and the May 25, 2020 low of 1.0871. Firm resistance is seen at 1.1280, the Feb 14 low.

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