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Bulls Pause For Breath

EURUSD TECHS
  • 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: 1.1483/84 High Jan 14 / Feb 04 and a key resistance
  • PRICE: 1.1427 @ 06:15 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 have paused for breath and the recent consolidation appears to be a bull flag - a continuation pattern - reinforcing bullish conditions following the recent clearance of the 20- and 50-day EMAs. The pair has also breached the top of its bear channel 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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