SILVER TECHS: Clears Resistance At The 50-Day EMA

• RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
• RES 3: 151.45 50-day EMA 
• RES 2: 150.18/151.30 High Mar 5 / 3 and a key near-term resistance  
• RES 1: 149.46 20-day EMA  
• PRICE: 148.97 @ 07:01 GMT Mar 17 
• SUP 1: 146.54 Low Mar 11 and the bear trigger   
• SUP 2: 145.43 2.0% 10-dma envelope
• SUP 3: 145.00 Round number support 
• SUP 4: 144.13 76.4% retracement of the 16 ‘24 - Jan 10 bull leg 

The trend direction in USDJPY remains down and the latest recovery appears corrective. A fresh cycle low on Mar 11 strengthens a bearish theme. The move down resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. This opens 145.92 next, the Oct 4 2024 low. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key short-term resistance is unchanged at 151.30, Mar 3 high. 

• RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
• RES 2: 5600.00 Round number resistance   
• RES 1: 5409.47/5575.00 20-day EMA / High Mar 3 and the bull trigger             
• PRICE: 5397.00 @ 06:42 GMT Mar 17 
• SUP 1: 5284.00 Low Mar 11                
• SUP 2: 5249.00 Low Feb 5
• SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg     
• SUP 4: 5185.00 Low Feb 4     

The medium-term trend direction in the Eurostoxx 50 futures contract remains up and the recent pullback is considered corrective - for now. However, note that support at the 50-day EMA, at 5314.94, has been pierced. A clear break of this average would highlight a stronger short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, a Fibonacci retracement. A  resumption of gains would open the 5600.00 handle.

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
• RES 3: 0.8494 High Aug 26 ‘24 
• RES 2: 0.8474 High Jan 20 and a key resistance
• RES 1: 0.8450 High Mar 11    
• PRICE: 0.8411 @ 06:52 GMT Mar 17 
• SUP 1: 0.8369/8342 Low Mar 14 / 50-day EMA    
• SUP 2: 0.8299/41 Low Mar 5 / 3 and a near-term bear trigger 
• SUP 3: 0.8223 Low Dec 19 and a key support  
• SUP 4: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range

A bull cycle in EURGBP remains in play and Friday’s bullish engulfing candle pattern signals a resumption of the trend and the end of the recent corrective pullback. Initial firm support to watch lies at 0.8342, the 50-day EMA. For bulls, a continuation higher and a break of 0.8450, the Mar 11 high, would open 0.8474, the Jan 20 high and the next key resistance. Clearance of this level would strengthen bullish conditions.