Resistance At The 50-Day EMA Remains Intact

• RES 4: 1.0915 76.4% retracement of the Feb 2 - 27 downleg.
• RES 3: 1.0803 High Feb 14 and a key short-term resistance
• RES 2: 1.0724/27 38.2% of the Feb 2 - 27 downleg / 50-dma
• RES 1: 1.0658/91 50-day EMA / High Mar 1
• PRICE: 1.0646 @ 06:04 GMT Mar 6
• SUP 1: 1.0533 Low Feb 27 and bear trigger
• SUP 2: 1.0484 Low Jan 6 and a key support
• SUP 3: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg
• SUP 4: 1.0410 2.0% 10-dma envelope

EURUSD is consolidating and recent activity appears to be a bear flag. Resistance is at 1.0658, the 50-day EMA. The average was pierced last week, however, a clear break is required to suggest scope for a stronger recovery. This would open 1.0803, the Feb 14 high and a key short-term level. For now, short-term gains are considered corrective. Support to watch is 1.0533, the Feb 27 low. A break would resume the bear cycle.