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Bearish Extension

EURUSD TECHS
  • RES 4: 1.1396 High Feb 16
  • RES 3: 1.1328 50-day EMA
  • RES 2: 1.1257/80 20-day EMA / Low Feb 14
  • RES 1: 1.1121 Low Jan 28
  • PRICE: 1.1027 @ 06:14 GMT Mar 4
  • SUP 1: 1.1010 Intraday low
  • SUP 2: 1.0976 2.00 projection of the Jan - Jun - May ‘21 price swing
  • SUP 3: 1.0934 Low May 27, 2020
  • SUP 4: 1.0871 Low May 25, 2020

EURUSD has resumed its downtrend and technical signals suggest an extension lower is likely near-term. Moving average studies point south and the bearish price sequence of lower lows and lower highs remains intact. 1.1040, 76.4% of the Mar ‘20 - Jan ‘21 bull cycle has been cleared. This opens 1.1000 and 1.0976, a Fibonacci projection. On the upside, resistance is seen at 1.1121, Jan 28 low.

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