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EURUSD TECHS

Topping 50-day EMA

EQUITIES

J&J Drags on Dow, DJIA Underperforms

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  • RES 4: 1.2255 76.4% retracement of the Jan - Feb sell off
  • RES 3: 1.2243 High Feb 25 and the bull trigger
  • RES 2: 1.2184 High Feb 26
  • RES 1: 1.2113 High Mar 3
  • PRICE: 1.2056 @ 06:02 GMT Mar 4
  • SUP 1: 1.1992 Low Mar 2
  • SUP 2: 1.1952 Low Feb 5 and the bear trigger
  • SUP 3: 1.1945 23.6% retracement of the Mar - Jan rally
  • SUP 4: 1.1908 Low Nov 27

The EURUSD short-term outlook remains bearish. This follows the recent move lower and the confirmation of bearish candle patterns on Feb 25, a shooting star, and bearish engulfing on Feb 26. The move this week, on Tuesday through support at 1.2023 reinforces the bearish patterns and signals scope for 1.1952, Feb 5 low. On the upside, 1.2113 is initial resistance. A clear breach of this level would expose 1.2184, Feb 26 high.