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Breached Channel Resistance

EURUSD TECHS
  • RES 4: 101608 High Nov 9, 2021
  • RES 3: 1.1558 8.2% retracement of the May ‘21 - Jan 28sell-off
  • RES 2: 1.1483 High Jan 14 and a key resistance
  • RES 1: 1.1451 High Feb 03
  • PRICE: 1.1428 @ 16:45 GMT Feb 3
  • SUP 1: 1.1267 Low Jan 2
  • SUP 2: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 3: 1.1070 Low May 29, 2020
  • SUP 4: 1.1016 Bear channel base drawn from the Jun 1 2021 high

EURUSD traded sharply higher Thursday. This week’s recovery has resulted in the break of a number of key short-term resistance points. The 20- and 50-day EMAs have been breached and price is through the top of its bear channel that today intersects at 1.1356. A clear break of this channel resistance would signal a more important reversal and open 1.1483, Jan 14 high. Initial support is seen at 1.1267, the Jan 2 low.

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