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Bearish Cycle Extends

EURUSD TECHS
  • RES 4: 1.1190 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 High Mar 7
  • PRICE: 1.0860 @ 06:00 GMT Mar 8
  • SUP 1: 1.0806 Low Mar 7
  • 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 downtrend in EURUSD remains intact. The pair traded lower again Monday, delivering a fresh cycle low of 1.0806. The break lower confirms a resumption of the underlying downtrend with moving averages also pointing south and marks an extension of the bearish price sequence of lower lows and lower highs. The focus is on 1.0767, a low dating back to May 2020. Monday’s intraday high of 1.0961 marks initial resistance.

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