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EURUSD TECHS: Corrective Bounce

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0825 High Nov 7 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0543 50-day EMA 
  • RES 1: 1.0458 High Dec 30 
  • PRICE: 1.0425 @ 11:40 GMT Jan 6
  • SUP 1: 1.0226 Low Jan 2
  • SUP 2: 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg 
  • SUP 3: 1.0198 3.0% Lower Bollinger Band 
  • SUP 4: 1.0167 2.0% 10-dma envelope  

The trend condition in EURUSD remains bearish and today’s strong gains are - for now - considered corrective. Last Thursday’s sharp sell-off reinforces current conditions and note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. The 20-day EMA, at 1.0414, has been pierced. The next resistance to watch is 1.0458, the Dec 30 high. The bear trigger has been defined at 1.0226, the Jan 2 low.

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  • RES 4: 1.0825 High Nov 7 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0543 50-day EMA 
  • RES 1: 1.0458 High Dec 30 
  • PRICE: 1.0425 @ 11:40 GMT Jan 6
  • SUP 1: 1.0226 Low Jan 2
  • SUP 2: 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg 
  • SUP 3: 1.0198 3.0% Lower Bollinger Band 
  • SUP 4: 1.0167 2.0% 10-dma envelope  

The trend condition in EURUSD remains bearish and today’s strong gains are - for now - considered corrective. Last Thursday’s sharp sell-off reinforces current conditions and note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. The 20-day EMA, at 1.0414, has been pierced. The next resistance to watch is 1.0458, the Dec 30 high. The bear trigger has been defined at 1.0226, the Jan 2 low.