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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: 1.0567 @ 16:06 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 closer to the week’s lows. The 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 Mar 6 and 7 high.

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