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Corrective Cycle Remains In Play

EURUSD TECHS
  • RES 4: 1.1139 High Dec 28 and the bull trigger
  • RES 3: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.0998 High Jan 5
  • PRICE: 1.0969 @ 16:02 GMT Jan 10
  • SUP 1: 1.0900/77 Trendline drawn from the Nov 1 low / Low Jan 05
  • SUP 2: 1.0793 50.0% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0724 Low Dec 8
  • SUP 4: 1.0712 61.8% retracement of the Oct - Dec bull leg

EURUSD remains in consolidation mode but traded firmer through the London close. The pair is trading above the trendline - at 1.0900 - drawn off the Nov 1 low. MA studies are in a bull mode position, highlighting an uptrend and recent weakness is likely part of a correction. Furthermore, a recent golden cross in the DMA space (50- rising above the 200-dma), is a bullish signal. Support to watch is 1.0877, Friday’s low. The bull trigger is 1.1139, Dec 28 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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