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Free AccessBear Cycle Remains In Play
- RES 4: 1.0803 High Feb 14 and a key short-term resistance
- RES 3: 1.0745 High Feb 15
- RES 2: 1.0665 50-day EMA
- RES 1: 1.0620 High Feb 27
- PRICE: 1.0585 @ 05:34 GMT Feb 28
- SUP 1: 1.0533 Low Feb 27
- SUP 2: 1.0484 Low Jan 6 and a key support
- SUP 3: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
- SUP 4: 1.0436 2.0% 10-dma envelope
EURUSD is trading closer to its recent lows despite yesterday’s gains and remains in downtrend. The recent break of the 50-day EMA, at 1.0665, reinforces bearish conditions and attention is on 1.0484, the Jan 6 low. A break of this level would expose 1.0461, the 38.2% retracement of the Sep 28 - Feb 2 bull cycle. Clearance of the 1.0484/61 support zone would strengthen the bearish theme. Initial resistance to watch is 1.0665.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.