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Corrective Pullback

EURUSD TECHS
  • RES 4: 1.1121 1.382 proj of the Oct 13 -27 rally from the Jan 6 low
  • RES 3: 1.1076 High Apr 1, 2022
  • RES 2: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
  • RES 1: 1.0940/1.1033 Intraday high / High Feb 2
  • PRICE: 1.0837 @ 14:07 GMT Feb 3
  • SUP 1: 1.0802 Low Jan 31 and key short-term support
  • SUP 2: 1.0767 Low Jan 18
  • SUP 3: 1.0659 50-day EMA
  • SUP 4: 1.0634 Low Jan 9

EURUSD is trading lower, extending Thursday’s bearish price action. The broad trend direction remains up for now and the move lower is considered corrective. Resistance at 1.0929, the Jan 26 high, has been cleared this week. This maintains the bullish price sequence of higher highs and higher lows and opens 1.1054, a Fibonacci projection. Note that moving average studies are in a bull-mode position. Key short-term support lies at 1.0802.

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