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Eyeing The 1.2054 Key Support

EURUSD TECHS
  • RES 4: 1.2353 High Apr 20, 2018
  • RES 3: 1.2349 High Jan 6
  • RES 2: 1.2230/85 High Jan 11 / 8
  • RES 1: 1.2190 High Jan 22
  • PRICE: 1.2121 @ 16:56 GMT Jan 28
  • SUP 1: 1.2054 Low Jan 18
  • SUP 2: 1.2011 High Sep 1 and a former breakout level
  • SUP 3: 1.1976 50.0% retracement of the Nov 4 - Jan 6 rally
  • SUP 4: 1.1887 2.0% 10-dma envelope

EURUSD traded lower Wednesday but failed to make any headway through the Jan 18 low of 1.2054. A breach of this support would signal a resumption of the downleg that has been in place since the Jan 6 high. This would pave the way for a move towards 1.2011, Sep 1 high and the psychological 1.2000 handle. A move below 1.2000 would open 1.1976, a Fibonacci retracement. Clearance of 1.2190, Jan 22 high is required to reinstate a bullish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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