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Bear Extension

EURUSD TECHS
  • RES 4: 1.1139 High Dec 28 and the bull trigger
  • RES 3: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.0932/98 High Jan 24 / 5 and a reversal trigger
  • PRICE: 1.0817 @ 19:32 GMT Jan 29
  • SUP 1: 1.0793 50.0% retracement of the Oct - Dec bull leg
  • SUP 2: 1.0724 Low Dec 8
  • SUP 3: 1.0712 61.8% retracement of the Oct - Dec bull leg
  • SUP 4: 1.0656 Low Nov 10

EURUSD traded lower Monday, starting the week on a bearish note. A downtrend remains intact for now. 1.0822, the Jan 23 low, has been breached and this confirms a resumption of the current downtrend. Sights are on 1.0793, a Fibonacci retracement. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high and a reversal trigger.

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