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Corrective Pullback

EURUSD TECHS
  • RES 4: 1.1726 50.0% retracement of the May - Nov 2021 bear leg
  • RES 3: 1.1692 High Oct 28, 2021
  • RES 2: 1.1608 High Nov 9
  • RES 1: 1.1483/1514 High Jan 14/ Low Nov 5
  • PRICE: 1.1333 @ 17:05 GMT Jan 18
  • SUP 1: 1.1327 Low Jan 18
  • SUP 2: 1.1272/22 Low Jan 04 / Low Dec 15
  • SUP 3: 1.1258 1.0% 10-dma envelope
  • SUP 4: 1.1186/85 Low Nov 24 / Low Jul 1, 2020 and the bear trigger

The pullback in EURUSD is likely a correction and a bullish theme continues to dominate following last week’s break of resistance at 1.1383/86, Nov 30 and Dec 31 highs. The pair has also cleared the top of a bear channel drawn from the Jun 1, 2021 high. This highlights an important reversal and opens 1.1514 next, the Nov 5 high. That said, support at 1.1386 and 1.1358 has given way, opening near-term losses toward 1.1272, which would mark a bearish reversal.

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