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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: 1.0804/98 20-day EMA / High Feb 02
  • PRICE: 1.0786 @ 08:30 GMT Feb 19
  • SUP 1: 1.0695 Low Feb 14
  • 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 conditions remain bearish and short-term gains are considered corrective. This week’s bearish extension reinforces the current downtrend. The pair traded to a fresh trend low and maintains the bearish price sequence of lower lows and lower highs. 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 1.0804, the 20-day EMA.

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