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Directional Triggers Defined

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1396/1.1495 High Feb 16 / High Feb 10
  • PRICE: 1.1339 @ 06:13 GMT Feb 23
  • SUP 1: 1.1280 Low Feb 14
  • SUP 2: 1.1265 Low Feb 3
  • SUP 3: 1.1209 76.4% retracement of the Jan 28 - Feb 10 rally
  • SUP 4: 1.1121 Low Jan 28 and the bear trigger

EURUSD continues to consolidate. The pair remains above 1.1280, the Feb 14 low and below the Feb 16 high of 1.1396. These two levels are seen as important short-term directional triggers. A bullish theme still dominates however and a breach of 1.1396 would improve the outlook for bulls and expose 1.1495, the Feb 10 high. Sub 1.1280 levels though would instead suggest scope for a deeper retracement of the Jan 28 - Feb 10 upleg.

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