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Consolidating But Remains Bullish

EURUSD TECHS
  • RES 4: 1.2255 76.4% retracement of the Jan 6 - Feb 5 sell-off
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2156 High Jan 29
  • PRICE: 1.2134 @ 05:41 GMT Feb 16
  • SUP 1: 1.2082 Low Feb 12
  • SUP 2: 1.2020 Low Feb 8
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD remains in a consolidation mode and is still trading at recent highs. A bullish theme remains intact. The Feb 5 price pattern, a bullish engulfing reversal, is still in play reinforcing current conditions. Furthermore, last week's move above both the 50- and 20-day EMAs is positive. The focus is on $1.2156 next, Jan 29 high On the downside, sub 1.1952 levels would resume recent bearish pressure.

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