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Bullish Outlook

EURUSD TECHS
  • RES 4: 1.1022 3.00 proj of the Sep 28 - Oct 4 - Oct 13 price swing
  • RES 3: 1.0954 High Apr 11, 2022
  • RES 2: 1.0913 2.764 proj of the Sep 28 - Oct 4 - Oct 13 price swing
  • RES 1: 1.0874 High Jan 16
  • PRICE: 1.0801 @ 16:09 GMT Jan 17
  • SUP 1: 1.0680 20-day EMA
  • SUP 2: 1.0634 Low Jan 9
  • SUP 3: 1.0512/1.0484 50-day EMA / Low Jan 6
  • SUP 4: 1.0402 3.0% Lower Bollinger Band

EURUSD reversed off intraday highs posted just shy of Monday’s 1.0874, flagging the risk to intraday rallies. Nonetheless, the outlook remains bullish for now. Last week’s gains resulted in a break of 1.0787, the May 30 2022 high and a key resistance. The move higher reinforces a bullish theme and note that moving average studies continue to highlight a bullish backdrop. The focus is on 1.0913, a Fibonacci projection. Key support has been defined at 1.0484, the Jan 6 low. Initial firm support lies at 1.0680, the 20-day EMA.

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