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Extends Weakness Below 1.2000

EURUSD TECHS
  • RES 4: 1.2190 High Jan 22 and a key resistance
  • RES 3: 1.2156 High Jan 29
  • RES 2: 1.2095 50-day EMA
  • RES 1: 1.2054 Low Jan 18
  • PRICE: 1.1959 @ 05:52 GMT Feb 5
  • SUP 1: 1.1952 Intraday low
  • SUP 2: 1.1945 23.6% retracement March - Jan rally
  • SUP 3: 1.1924 Low Nov 30
  • SUP 4: 1.1852 2.0% 10-dma envelope

EURUSD remains bearish following yesterday's strong sell-off. The pair has now cleanly fallen through the key 1.20 support confirming again a resumption of the current corrective pullback. The focus is on 1.1945 next, the 23.6% retracement of the rally between Mar - Jan. A break of this level would open 1.1924, Nov 30, 2020 low. On the upside, initial resistance is seen at 1.2054, Jan 18 low.

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