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Bearish Cycle Extends

EURUSD TECHS
  • RES 4: 1.1226 20-day EMA
  • RES 3: 1.1121 Low Jan 28 and a recent breakout level
  • RES 2: 1.1068 High Mar 4
  • RES 1: 1.0961 Intraday high
  • PRICE: 1.0822 @ 06:19 GMT Mar 7
  • SUP 1: 1.0822 Intraday low
  • SUP 2: 1.0767 Low May 7 2020
  • SUP 3: 1.0727 Low Apr 24, 2020
  • SUP 4: 1.0654 2.50 proj of the Jan - Mar - May 2021 price swing

The EURUSD sell-off has accelerated once again today and the pair has delivered a fresh cycle low of 1.0822. The break lower once again confirms a resumption of the underlying downtrend with moving averages also pointing south and a bearish price sequence of lower lows and lower highs remains intact. The focus is on 1.0767, a low dating back to May 2020. Today’s intraday high of 1.0961 marks initial resistance.

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