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Eyeing The 50-day EMA

EURUSD TECHS
  • RES 4: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2353 High Apr 20, 2018
  • RES 2: 1.2349 High Jan 6
  • RES 1: 1.2230/85 High Jan 11 / 8
  • PRICE: 1.2137 @ 05:49 GMT Jan 15
  • SUP 1: 1.2111 Low Jan 14
  • SUP 2: 1.2095 50-day EMA
  • SUP 3: 1.2059 Low Dec 9
  • SUP 4: 1.2011 High Sep 1 and a former breakout level

EURUSD is trading closer to recent lows. The move lower since Jan 6 signals the start of a correction that is allowing a recent overbought condition to unwind. Price action has this week traded through the 20-day EMA and through support at 1.2130, the Dec 21 low. The break exposes the 50-day EMA at 1.2095. Note too that the most recent consolidation appears to be a bear flag, reinforcing bearish conditions. 1.2230 marks initial resistance.

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