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Trend Needle Points South

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: 1.0816/98 20-day EMA / High Feb 02
  • PRICE: 1.0714 @ 05:40 GMT Feb 14
  • SUP 1: 1.0701 Low Feb 13
  • SUP 2: 1.0656 Low Nov 10
  • SUP 3: 1.0611 76.4% retracement of the Oct - Dec bull leg
  • SUP 4: 1.0568 Low Nov 2

EURUSD trend conditions remain bearish and yesterday’s move lower reinforces current trend conditions. The pair traded to a fresh trend low and maintains the price sequence of lower lows and lower highs. Note that support at 1.0724, the Dec 8 low, and 1.0712, 61.8% of the Oct - Dec bull leg, have been breached. This opens 1.0656 next, the Nov 10 low. Initial resistance is 1.0816, the 20-day EMA.

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