Free Trial

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: 1.0917 @ 16:51 GMT Mar 4
  • SUP 1: 1.0886 Low Mar 4
  • 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

The EURUSD sell-off accelerated Friday, pushing the pair to new cycle lows of 1.0886. This puts the pair cleanly through 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 1.0871, a low dating back to May 2020. Resistance is at 1.1121, the Jan 28 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.