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Trades Through Support At 1.2023

  • RES 4: 1.2255 76.4% retracement of the Jan - Feb sell off
  • RES 3: 1.2243 High Feb 25 and the bull trigger
  • RES 2: 1.2184 High Feb 26
  • RES 1: 1.2101 High Mar 1
  • PRICE: 1.2022 @ 05:55 GMT Mar 2
  • SUP 1: 1.2000 Psychological round number
  • SUP 2: 1.1952 Low Feb 5 and the bear trigger
  • SUP 3: 1.1945 23.6% retracement of the Mar - Jan rally
  • SUP 4: 1.1908 Low Nov 27

EURUSD maintains a weaker tone and has today traded below support at 1.2023, Feb 17 low. Friday's price pattern in candle terms is a bearish engulfing and this highlighted the possibility of a deeper short-term pullback (it also followed a bearish shooting star candle on Thursday). The break of 1.2023, reinforces the bearish patterns and signals scope for weakness towards 1.1952, Feb 5 low. 1.2101 is initial resistance.

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