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Fresh Bear Cycle Lows

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: 1.0938 @ 12:57 GMT Mar 4
  • SUP 1: 1.0934 Low May 27, 2020
  • SUP 2: 1.0871 Low May 25, 2020
  • SUP 3: 1.0824 2.236 projection of the Jan - Jun - May ‘21 price swing
  • SUP 4: 1.0767 Low May 7 2020

EURUSD is trading lower once again today and has cleared both the 1.1000 handle and 1.0976, the 2.00 projection of the Jan - Jun - May ‘21 price swing. The break lower this week has confirmed a resumption of the underlying downtrend with moving averages also pointing south and the price sequence of lower lows and lower highs intact. The focus is on 1.0934 and 1.0871, lows dating back to May 2020. Resistance is at 1.1121, the Jan 28 low.

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