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Fresh YTD Cycle Low

EURUSD TECHS
  • RES 4: 1.1431 High Feb 11
  • RES 3: 1.1396 High Feb 16
  • RES 2: 1.1328 50-day EMA
  • RES 1: 1.1233/80 High Mar 1 / Low Feb 14
  • PRICE: 1.1115 @ 06:23 GMT Mar 2
  • SUP 1: 1.1090 Low Mar 1 and 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 delivered a new 2022 low Tuesday, cementing the bearish outlook and highlighting scope for an extension of this bear leg. The break lower also confirms a resumption of the broader bearish sequence of lower lows and lower highs, in line with the medium-term downtrend and a bearish moving average set-up. The focus is on 1.1040, a Fibonacci retracement. Firm resistance is seen at 1.1280, the Feb 14 low.

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