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Trend Condition Remains Bearish

EURUSD TECHS
  • RES 4: 1.1046 High Jan 2
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0932 High Jan 24 and a reversal trigger
  • RES 1: 1.0833/98 20-day EMA / High Feb 02
  • PRICE: 1.0801 @ 08:01 GMT Feb 9
  • SUP 1: 1.0724/23 Low Dec 8 / Low Feb 5 and 6
  • SUP 2: 1.0712 61.8% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull leg

EURUSD trend conditions remain bearish. The latest pause in the trend appears to be a flag formation - a bearish continuation pattern. The recent sell-off confirmed a resumption of the downtrend. Sights are on 1.0724, the Dec 8 low, and 1.0712, a Fibonacci retracement. Clearance of this key support zone would strengthen the bearish theme. Key resistance is 1.0932, the Jan 24 high. Initial resistance is 1.0833, the 20-day EMA.

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