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Extends Recovery Off Last Week's Low

EURUSD TECHS
  • RES 4: 1.2255 76.4% retracement of the Jan 6 - Feb 5 sell-off
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2156 High Jan 29
  • PRICE: 1.2127 @ 06:47 GMT Feb 10
  • SUP 1: 1.2020 Low Feb 8
  • SUP 2: 1.1952 Low Feb 5
  • SUP 3: 1.1945 23.6% retracement March - Jan rally
  • SUP 4: 1.1924 Low Nov 30

EURUSD continues to extend the recovery off the Feb 5 low of 1.1952 low and is back above 1.2100. Friday's price pattern is a bullish engulfing reversal. The pattern is still in play suggesting scope for a recovery and also highlights a base at last week's low. Strong resistance at 1.2092/98, the 50- and 20-day EMAs gave way yesterday, opening $1.2156 in the near-term. On the downside, sub 1.1952 levels would resume recent bearish pressure.

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