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- RES 4: 1.2190 High Jan 22 and a key resistance
- RES 3: 1.2156 High Jan 29
- RES 2: 1.2093 50-day EMA
- RES 1: 1.2066 Low Feb 8
- PRICE: 1.2044 @ 16:54 GMT Feb 8
- SUP 1: 1.1952 Low Feb 5
- SUP 2: 1.1945 23.6% retracement March - Jan rally
- SUP 3: 1.1924 Low Nov 30
- SUP 4: 1.1840 2.0% 10-dma envelope
EURUSD remains bearish following last week's move lower. This resulted in a break of 1.2000 and signals scope for weakness towards 1.1945 next, the 23.6% retracement of the rally between Mar - Jan. A break of this level would open 1.1924, Nov 30, 2020 low. Note, Friday's recovery is a warning to bears. A bullish engulfing candle pattern signals a possible reversal. We will continue to monitor this pattern. Initial resistance is at 1.2054, Jan 18 low.