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- RES 4: 1.2230/85 High Jan 11 / 8
- RES 3: 1.2190 High Jan 22 and a key resistance
- RES 2: 1.2156 High Jan 29
- RES 1: 1.2103 50-day EMA
- PRICE: 1.2019 @ 16:10 GMT Feb 3
- SUP 1: 1.2004 Low Feb 3
- SUP 2: 1.2000 Psychological round number
- SUP 3: 1.1976 50.0% retracement of the Nov 4 - Jan 6 rally
- SUP 4: 1.18797 2.0% 10-dma envelope
EURUSD traded lower still Wednesday. Importantly, the pair remains below the Jan 18, 1.2054 low and hit fresh 2021 lows. This confirms a resumption of the downleg that started off the Jan 6 high and stresses the importance of the psychological 1.2000 handle. A breach of 1.2000 would signal scope for 1.1976, a Fibonacci retracement. Clearance of 1.2190, Jan 22 high is required to reinstate a bullish theme. Initial firm resistance is at 1.2156.