EURGBP TECHS: Breaches Key Resistance

• RES 4: 1.0937 High Nov 5 / 6 2024    
• RES 3: 1.0825 High Nov 7 2024
• RES 2: 1.0804 61.8% retracement of the Sep 25 ‘24 - Feb 3 bear leg 
• RES 1: 1.0777 High Mar 5
• PRICE: 1.0774 @ 16:04 GMT Mar 5 
• SUP 1: 1.0602/1.0529 Intraday low / High Feb 26   
• SUP 2: 1.0447 50-day EMA and a short-term pivot level      
• SUP 3: 1.0360 Low Feb 28    
• SUP 4: 1.0317 Low Feb 12 

A bullish impulsive wave in EURUSD has resulted in strong gains this week. This has resulted in a breach of key short-term resistance at 1.0533, the Jan 27 high, marking a continuation of the reversal that started Feb 3. Note that 1.0677, 50.0% of the Sep 25 ‘24 - Feb 3 bear leg, has been cleared. Sights are on 1.0804, the 61.8% retracement. Initial key support to watch lies at 1.0447, the 50-day EMA.  

• -5,000 TYJ5 110.75/111.25 strangles, 106 ref 110-31

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