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Corrective Phase

EURUSD TECHS
  • RES 4: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2353 High Apr 20, 2018
  • RES 2: 1.2349 High Jan 6
  • RES 1: 1.2230/85 Intraday high / High Jan 8
  • PRICE: 1.2175 @ 05:50 GMT Jan 11
  • SUP 1: 1.2167 Intraday low
  • SUP 2: 1.2130 Low Dec 21
  • SUP 3: 1.2105 Low Dec 11
  • SUP 4: 1.2083 50-day EMA

EURUSD has started the week on a softer note extending the pullback from last week's high of 1.2349, Jan 6 high. Price action has traded through the 20+day EMA and this exposes support at 1.2130, the Dec 21 low. A breach here would open the 50-day EMA at 1.2083. Momentum studies have recently signalled an overbought condition. The current pullback is being seen as a much needed correction. 1.2230 is initial resistance.

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