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Approaching Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1495 High Feb 10
  • PRICE: 1.1348 @ 06:10 GMT Feb 14
  • SUP 1: 1.1320 Bear channel top drawn from the Jun 1, 2021 high
  • SUP 2: 1.1267 Low Jan 2
  • SUP 3: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 4: 1.1070 Low May 29, 2020

EURUSD traded lower Friday and remains near its recent low. The short term trend condition remains bullish however a key short-term resistance has been defined at Thursday’s high of 1.1495. A break of this level is required to confirm a resumption of the recent upleg and also remove any bearish concerns - broader moving average signals still suggest the MT trend is down. Key short-term support is at 1.1320, the top of the former channel.

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