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Trading At This Week’s Lows

EURUSD TECHS
  • RES 4: 1.1229 2.0% 10-dma envelope
  • RES 3: 1.1222 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1185/1203 High Mar 31 / 3.0% Upper Bollinger Band
  • RES 1: 1.1022 20-day EMA
  • PRICE: 1.0905 @ 16:44 BST Apr 7
  • SUP 1: 1.0865 Low Apr 7
  • SUP 2: 1.0806 Low Mar 7 and the bear trigger
  • SUP 3: 1.0767 Low May 7 2020
  • SUP 4: 1.0727 Low Apr 24, 2020

EURUSD is trading at this week’s lows. The recent failure at 1.1185, Mar 31 high, and more importantly, the inability to remain above the 50-day EMA highlights a bearish threat and this week’s move lower has reinforced this theme. The break of 1.0945, Mar 28 low, signals scope for a deeper sell-off towards 1.0806, the Mar 7 low and a bear trigger. Clearance of 1.1185 would reinstate a bull theme.

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