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(U2) More Stable But Still Fragile Longer Term


(U2) Recovers Off Lows, Remains Neutral


Risk Gains When Hawks Cry


BLOCK, 2Y Sale

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Downside Risk *RES 4: 1.1178......>

*RES 4: 1.1178 High Jan 16 and a key resistance
*RES 3: 1.1143 High Jan 17
*RES 2: 1.1118 High Jan 21
*RES 1: 1.1096 High Jan 31 and t-dline resistance drawn off the Dec 31 high
*PRICE: 1.1036 @ 05:35 GMT Feb 5
*SUP 1: 1.1017 Low Jan 31
*SUP 2: 1.0992 Low Jan 29
*SUP 3: 1.0981 Low Nov 29 and key support
*SUP 4: 1.0952/35 Low Oct 9 / 1.0% Lower 10-dma Envelope
EURUSD is softer following the rejection off Monday's high. Last week's recovery
does threaten the recent bearish outlook however, before any reversal is
confirmed price needs to clear trendline resistance at 1.1096, drawn off the Dec
31 high. Note that this also coincides with former trendline support drawn off
the Oct 1 low reinforcing the significance of 1.1096. For now, the outlook
remains bearish with the focus on 1.0981, Nov 29 low.

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