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Approaching Support

EURUSD TECHS
  • RES 4: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2353 High Apr 20, 2018
  • RES 2: 1.2349 High Jan 6
  • RES 1: 1.2230/85 High Jan 11 / 8
  • PRICE: 1.2157 @ 16:37 GMT Jan 12
  • SUP 1: 1.2132/30 Low Jan 11 / Low Dec 21
  • SUP 2: 1.2105 Low Dec 11
  • SUP 3: 1.2085 50-day EMA
  • SUP 4: 1.2059 Low Dec 9

EURUSD remains soft. The pair started the week on a softer note extending the pullback from last week's high of 1.2349, Jan 6 high. Price action has traded through the 20-day EMA and this exposes support at 1.2130, the Dec 21 low. A breach here would open the 50-day EMA at 1.2085. Momentum studies have recently signalled an overbought condition. The current pullback is being seen as a much needed correction. 1.2230 is initial resistance.

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