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Bear 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: 1.0645 High Feb 28
  • PRICE: 1.0615 @ 16:16 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’s intraday rally was sold into the close, keeping prices within the recent 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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