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Corrective Pullback Extends

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 High Feb 3 / High Feb 2
  • PRICE: 1.0793 @ 05:38 GMT Feb 6
  • SUP 1: 1.0781 Intraday low
  • SUP 2: 1.0767 Low Jan 18
  • SUP 3: 1.0665 50-day EMA
  • SUP 4: 1.0634 Low Jan 9

EURUSD traded lower into the Friday close, extending Thursday’s bearish price action. Price has traded below the 20-day EMA to suggest scope for a deeper pullback. A move lower is considered corrective and an extension lower would open 1.0665, the 50-day EMA. This average is a key support. The broader uptrend remains intact. Last week’s high of 1.1033 on Feb2, marks the bull trigger.

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