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Closer To Key Resistance

EURUSD TECHS
  • RES 4: 1.2223 High Jan 13
  • RES 3: 1.2190 High Jan 22 and a key resistance
  • RES 2: 1.2169 High Feb 16 and the bull trigger
  • RES 1: 1.2154 High Feb 22
  • PRICE: 1.2144 @ 15:47 GMT Feb 22
  • SUP 1: 1.2082 Low Feb 19
  • SUP 2: 1.2023 Low Feb 17
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD is holding onto Friday's gains having cleared resistance at 1.2110, Feb 17 high. Key resistance is located at 1.2169, Feb 16 high. A break of this level would confirm a resumption of the recovery from the Feb 5 low and open 1.2190 initially, Jan 22 high. Importantly too, a break higher would negate the bearish shooting candle pattern from Feb 16. The key S/T support is at 1.2023. A break would be bearish and expose 1.1952, Feb 5 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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