Free Trial

Corrective Pullback

EURUSD TECHS
  • RES 4: 1.2386 2.0% 10-dma envelope
  • RES 3: 1.2313 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: 1.2210 @ 15:52 GMT Dec 21
  • SUP 1: 1.2130 Low Dec 21
  • SUP 2: 1.2088 20-day EMA
  • SUP 3: 1.2059 Low Dec 10 and key support
  • SUP 4: 1.2040 Low Dec 2

EURUSD has started the week on a softer note as price pulls back from the recent high of 1.2273 on Dec 17. This is considered a correction with underlying bullish conditions still intact. The daily trend condition however is overbought suggesting scope for a deeper pullback. If correct, this signals scope for weakness towards 1.2088, the 20-day EMA initially. On the upside, 1.2273 is the bull trigger. A break resumes the uptrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.