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Bulls Back in Charge

  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1495 High Feb 10 / High March 2020
  • PRICE: 1.1477 @ 17:22 GMT Feb 10
  • SUP 1: 1.1331 Bear channel top drawn from the Jun 1, 2021 high
  • SUP 2: 1.1267 Low Jan 2
  • SUP 3: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 4: 1.1070 Low May 29, 2020

EURUSD bulls remain in control despite a mid-sesson sell-off that saw near-term volatility surge. First resistance gave way as markets touched 1.1495 - a key pivot point for the pair that coincides with the March 2020 high. This puts the pair further north of the bear channel top drawn from the Jun 1 high of last year, highlighting a more significant reversal. The focus is on 1.1558, a Fibonacci retracement. Initial firm support is seen at 1.1331, the former channel top.

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