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Bearish Focus

EURUSD TECHS
  • RES 4: 1.2223 High Jan 13
  • RES 3: 1.2190 High Jan 22 and a key resistance
  • RES 2: 1.2169 High Feb 16 and the bull trigger
  • RES 1: 1.2110 High Feb 17
  • PRICE: 1.2097 @ 06:12 GMT Feb 19
  • SUP 1: 1.2023 Low Feb 17
  • SUP 2: 1.2020 Low Feb 8
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD traded lower Wednesday following the pullback from 1.2169, Feb 16 high. The price pattern on Feb 16 is a bearish candle - a shooting star. Following Wednesday's extension lower, scope is seen for a deeper pullback with the next support at 1.2020, Feb 8 low. Thursday's gains are for now, considered a correction. A break of 1.2020 would expose 1.1952, Feb 5 low. Gains above 1.2110, Feb 12 high would refocus attention on 1.2169.

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