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Trading Below Last Week’s High

EURUSD TECHS
  • RES 4: 1.1280 Low Feb 14
  • RES 3: 1.1232 61.8% of Feb 10 - Mar 7 sell-off
  • RES 2: 1.1193/1200 50-day EMA / 2.0% 10-dma envelope
  • RES 1: 1.1137 High Mar 17
  • PRICE: 1.1043 @ 16:52 GMT Mar 21
  • SUP 1: 1.1003 Low Mar 18
  • 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 probed key short-term resistance at 1.1121 last week, the Jan 28 low, a recent breakout level plus the Mar 10 high. This improves the near-term outlook however a clear break is still required to signal potential for a stronger recovery near-term. This would open 1.1187, the 2.0% 10-dma envelope as well as the 50-day EMA of 1.1199. A reversal lower would instead open the bear trigger at 1.0806, Mar 7 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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