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Fresh Short-Term Trend Low

EURUSD TECHS
  • RES 4: 1.1139 High Dec 28 and the bull trigger
  • RES 3: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.0921/98 20-day EMA / High Jan 5
  • PRICE: 1.0863 @ 05:40 GMT Jan 24
  • SUP 1: 1.0822 Low Jan 23
  • SUP 2: 1.0793 50.0% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0724 Low Dec 8
  • SUP 4: 1.0712 61.8% retracement of the Oct - Dec bull leg

EURUSD traded to a fresh short-term trend low Tuesday. A bearish theme remains intact with price trading closer to its recent lows. The recent break of a trendline drawn from the Nov 1 low, signals scope for a continuation of the current bear cycle. A resumption of weakness would open 1.0793, a Fibonacci retracement. Firm resistance is at 1.0998, Jan 5 high. A breach would signal a reversal.

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