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Bear Cycle Remains In Play

EURUSD TECHS
  • RES 4: 1.0943 High Mar 21
  • RES 3: 1.0885 High Apr 09
  • RES 2: 1.0785/0820 20- and 50-day EMA values
  • RES 1: 1.0725 Low Apr 2
  • PRICE: 1.0612 @ 05:44 BST Apr 16
  • SUP 1: 1.0606 Intraday low
  • SUP 2: 1.0611 76.4% retracement of the Oct - Dec bull rally
  • SUP 3: 1.0568 Low Nov 2 ‘23
  • SUP 4: 1.0537 1.00 proj of the Dec 28 - Feb 14 - Mar 8 price swing

EURUSD remains in a bear-mode condition and the pair is again trading lower. Last Friday’s move down resulted in a break of key support at 1.0695, the Feb 14 low and bear trigger. This breach confirms a resumption of the downtrend. Support at 1.0611, 76.4% of the Oct - Dec bull rally, has been pierced and this opens 1.0568 next, the Nov 2 2023 low. Initial firm resistance is seen at 1.0785, the 20-day EMA.

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