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EURUSD TECHS: Bull Theme Remains In Play

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0630 High Dec 6   
  • RES 3: 1.0594 Dec 9 ‘24
  • RES 2: 1.0533 High Jan 27 and a reversal trigger
  • RES 1: 1.0514 High Feb 14
  • PRICE: 1.0454 @ 07:35 GMT Feb 19
  • SUP 1: 1.0402 20-day EMA
  • SUP 2: 1.0280/0141 Low Feb 10 / 3 and the bear trigger
  • SUP 3: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 4: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing

A bull cycle in EURUSD remains intact despite the fade off highs this week. The pair is trading closer to its recent highs and recent strength has reinforced current conditions to strengthen a short-term reversal signal. The Feb 3 candle resembles a hammer and suggests scope for an extension near-term. The pair has breached the 50-day EMA, at 1.0432, and sights are on 1.0533, the Jan 27 high. Initial firm support lies at 1.0280, the Feb 10 low.   

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  • RES 4: 1.0630 High Dec 6   
  • RES 3: 1.0594 Dec 9 ‘24
  • RES 2: 1.0533 High Jan 27 and a reversal trigger
  • RES 1: 1.0514 High Feb 14
  • PRICE: 1.0454 @ 07:35 GMT Feb 19
  • SUP 1: 1.0402 20-day EMA
  • SUP 2: 1.0280/0141 Low Feb 10 / 3 and the bear trigger
  • SUP 3: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 4: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing

A bull cycle in EURUSD remains intact despite the fade off highs this week. The pair is trading closer to its recent highs and recent strength has reinforced current conditions to strengthen a short-term reversal signal. The Feb 3 candle resembles a hammer and suggests scope for an extension near-term. The pair has breached the 50-day EMA, at 1.0432, and sights are on 1.0533, the Jan 27 high. Initial firm support lies at 1.0280, the Feb 10 low.