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Corrective Phase?

EURUSD TECHS
  • RES 4: 1.2413 2.0% 10-dma envelope
  • RES 3: 1.2319 2.0% Upper Bollinger Band
  • RES 2: 1.2293/05 High Apr 23, 2018 / 1.764 of Nov 4 - 9 - 11 swing
  • RES 1: 1.2273 High Dec 17 and the bull trigger
  • PRICE: 1.2220 @ 05:42 GMT Dec 22
  • SUP 1: 1.2130 Low Dec 21
  • SUP 2: 1.2103 20-day EMA and trendline drawn off the Nov 4 low
  • SUP 3: 1.2059 Low Dec 10 and key support
  • SUP 4: 1.2040 Low Dec 2

EURUSD traded in a volatile manner yesterday starting the week on a softer note before rebounding off the low of 1.2130. Underlying bullish conditions remain intact. However, the daily trend condition is overbought and this would suggest that the pair is due a correction. If correct, this would signal scope for weakness towards 1.2103, the 20-day EMA that also marks a trendline support drawn off the Nov 4 low. On the upside, 1.2273 is the bull trigger.

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