March 09, 2023 05:47 GMT
Testing Key Support
EURUSD TECHS
- RES 4: 1.0803 High Feb 14 and key resistance
- RES 3: 1.0745 High Feb 15
- RES 2: 1.0694 High Mar 6 / 7 and key short-term resistance
- RES 1: 1.0645 20-day EMA
- PRICE: 1.0553 @ 05:45 GMT Mar 9
- SUP 1: 1.0525 Low Mar 8
- 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: 1.0402/0388 Trendline support / 2.0% 10-dma envelope
EURUSD reversed sharply Tuesday and the pair continues to trade at this week’s lows. This sell-off has resulted in a print below support at 1.0533, the Feb 27 low. A clear break of this level would confirm a resumption of the downtrend and open 1.0484, the Jan 6 low and a key support. A trendline support lies at 1.0402 - the line is drawn from the Sep 28 low. Key short-term resistance is unchanged at 1.0694, the Feb 6 and 7 high.
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