February 04, 2025 18:00 GMT
EURUSD TECHS: 20-Day EMA Caps Recovery
EURUSD TECHS
- RES 4: 1.0533 High Jan 27 and a key resistance
- RES 3: 1.0446 50-day EMA
- RES 2: 1.0387 20-day EMA
- RES 1: 1.0386 High Feb 3
- PRICE: 1.0379 @ 16:36 GMT Feb 4
- SUP 1: 1.0221 61.8% retracement of the Jan 3 low-high range
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg
EURUSD recovered further from the Monday low, however, for now, gains are considered corrective as the 20-day EMA capped the recovery. Monday’s fresh cycle low, highlights a resumption of the downtrend. Moving average studies are in a bear-mode position and attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Clearance of this level would open 1.0031, the 2.00 projection.
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