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Bullish Engulfing Reversal Still In Play

EURUSD TECHS
  • RES 4: 1.2223 High Jan 13
  • RES 3: 1.2190 High Jan 22 and a key resistance
  • RES 2: 1.2156 High Jan 29
  • RES 1: 1.2092/98 50- and 20-day EMA levels
  • PRICE: 1.2079 @ 05:54 GMT Feb 9
  • 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 edges higher, extending the recovery off Friday's 1.1952 low. Friday's activity as highlighted yesterday, is a potential bullish engulfing reversal. If correct, the pattern suggests scope for a recovery and also highlights a base at last week's low. A strong resistance resides at 1.2092/98, the 50- and 20-day EMAs. A break would be bullish. On the downside, sub 1.1952 levels would resume recent bearish pressure.

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