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Corrective Pullback Stalls

EURUSD TECHS
  • RES 4: 1.0851 High Apr 25
  • RES 3: 1.0849 2.0% 10-dma envelope
  • RES 2: 1.0787 High May 30 and a key resistance
  • RES 1: 1.0735 High Dec 15 / bull trigger
  • PRICE: 1.0603 @ 15:56 GMT Jan 6
  • SUP 1: 1.0484 Low Jan 6
  • SUP 2: 1.0464 3.0% Lower Bollinger Band
  • SUP 3: 1.0443 Low Dec 7 and a key short-term support
  • SUP 4: 1.0411 50-day EMA

EURUSD bounced off the weekly low ahead of the Friday close after a series of poor datapoints from the US. The rally into the close retraced a small part of the weakness since the beginning of the year, and keeps a resumption of the uptrend a possibility in the new week. The bull trigger remains at 1.0735, the Dec 15 high, where a break would confirm a resumption of the bull trend. This week’s weakness, however, has exposed key short-term support at 1.0443, the Dec 7 low.

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