Bearish Threat Remains Present

• RES 4: 1.1608 High Nov 9, 2021
• RES 3: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
• RES 2: 1.1396/1.1495 High Feb 16 / High Feb 10
• RES 1: 1.1280/1313 Low Feb 14 / Intraday high
• PRICE: 1.1220 @ 17:05 GMT Feb 28
• SUP 1: 1.1106 Low Feb 24 and the bear trigger
• SUP 2: 1.1040 76.4% retracement of the Jan ‘21 - Mar ‘21 bull phase
• SUP 3: 1.0976 2.00 projection of the Jan - Jun - May ‘21 price swing
• SUP 4: 1.0871 Low May 25, 2020

EURUSD gapped lower at the Monday open, but recovered modestly from there. The pair remains vulnerable following last Thursday’s sell-off that breached support at 1.1280, the Feb 14 low and 1.1209, the 76.4% retracement of the recent Jan 28 - Feb 10 upleg. The break of the latter support has strengthened the bearish threat and also resulted in a probe of support at 1.1121, the Jan 28 low and a bear trigger. Firm short-term resistance is seen at 1.1280, the Feb 14 low.