Euro Testing Yearly-Open Support
EUR/USD is setting the monthly opening-range just above yearly-open support at 1.1038. Looking for possible inflection off this mark.
A break below the median-line would threaten a larger bull-market correction towards the January high-day close (HDC) / 38.2% retracement at 1.0942/72- losses would need to be limited to this threshold for the April rally to remain viable.
Resistance now eyed at the yearly high-day close at 1.1161- a breach / close above this threshold is needed to mark uptrend resumption with the next major lateral level eyed at the 61.8% retracement of the 2020 decline at 1.1275.
Michael Boutros
MBForex
A break below the median-line would threaten a larger bull-market correction towards the January high-day close (HDC) / 38.2% retracement at 1.0942/72- losses would need to be limited to this threshold for the April rally to remain viable.
Resistance now eyed at the yearly high-day close at 1.1161- a breach / close above this threshold is needed to mark uptrend resumption with the next major lateral level eyed at the 61.8% retracement of the 2020 decline at 1.1275.
Michael Boutros
MBForex
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