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Corrective Pullback Extends

EURUSD TECHS
  • RES 4: 1.1076 High Apr 1, 2022
  • RES 3: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
  • RES 2: 1.0940/1.1033 High Feb 3 / High Feb 2
  • RES 1: 1.0825 20-day EMA
  • PRICE: 1.0756 @ 14:42 GMT Feb 6
  • SUP 1: 1.0749 Intraday low
  • SUP 2: 1.0665 50-day EMA
  • SUP 3: 1.0634 Low Jan 9
  • SUP 4: 1.0484 Low Jan 6 and a key support

EURUSD has started this week on a bearish note, trading lower today and extending the pullback from last week’s high of 1.1033 on Feb 2. Price has breached the 20-day EMA to suggest scope for a deeper pullback. The move lower is considered corrective but an extension would open 1.0665, the 50-day EMA and a key support. 1.1033 marks the bull trigger, a break would confirm a resumption of the uptrend.

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