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Trades Through Last Week’s Low

EURUSD TECHS
  • RES 4: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
  • RES 3: 1.1159/1230 50-day EMA / 2.0% 10-dma envelope
  • RES 2: 1.1137 High Mar 17 and key near-term resistance
  • RES 1: 1.1050 20-day EMA
  • PRICE: 1.0952 @ 06:15 GMT Mar 28
  • SUP 1: 1.0926 Low Mar 15
  • SUP 2: 1.0890/06 Low Mar 9 / Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD has started the week on a softer note and has breached support at 1.0961, the Mar 22 low. The break lower reinforces short-term bearish conditions following the recent pullback from 1.1137, Mar 17 high. An extension lower would open 1.0890, the Mar 9 low and 1.0806, the Mar 7 low and bear trigger. Key short-term resistance is at 1.1137. A break of this level is required to reinstate a bullish theme.

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