EURUSD is holding onto last week's gains and testing the 20-day EMA at 1.2165. Last week's recovery is seen as a pause in the current bearish cycle and further S/T weakness is likely with the pair still in a corrective phase. This follows the recent sell-off from 1.2349, Jan 6 high. A resumption of weakness would open 1.2011, Sep 1 high next and 1.1976, a Fibonacci retracement. Above the 20-day EMA, 1.2230 marks a firm resistance, Jan 11 high.

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

Taso Anastasiou

Foreign Exchange Technical Analysis Homepage markets-real-time Bullet Markets Foreign Exchange News

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Bearish Corrective Cycle Still In Play