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Bullish Focus

  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2353 High Apr 20, 2018
  • RES 1: 1.2349 High Jan 6
  • PRICE: 1.2261 @ 05:46 GMT Jan 8
  • SUP 1: 1.2210/09 20-day EMA / Low Dec 31
  • SUP 2: 1.2130 Low Dec 21
  • SUP 3: 1.2105 Low Dec 11
  • SUP 4: 1.2077 50-day EMA

EURUSD maintains a bullish tone despite the pullback Thursday. This week's gains to a high of 1.2349 reinforce underlying bullish conditions. Recently, we highlighted that the daily trend condition is overbought and that this suggests the pair is due a correction. The continued move higher though places a correction on hold for now. Scope is seen for a climb to 1.2353, Apr 20, 2018 high ahead of 1.2380, a Fibonacci projection. 1.2209 marks support.

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