Bear Threat Remains Present

• 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: 1.0841 @ 05:39 GMT Jan 26
• SUP 1: 1.0822 Low Jan 23 and the bear trigger
• SUP 2: 1.0793 50.0% retracement of the Oct - Dec bull leg
• SUP 3: 1.0724 Low Dec 8
• SUP 4: 1.0712 61.8% retracement of the Oct - Dec bull leg

EURUSD found resistance this week at 1.0932 (Jan 24 high) and the pair is trading closer to its recent lows. For bears, a break of 1.0822, Tuesday’s low, would resume the recent bearish theme. This would open 1.0793, a Fibonacci retracement. On the upside, a break of 1.0932 would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high. Clearance of this level would highlight a possible reversal.