Free Trial

Holding Onto Recent Gains

  • RES 4: 1.2255 76.4% retracement of the Jan 6 - Feb 5 sell-off
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2156 High Jan 29
  • PRICE: 1.2127 @ 05:42 GMT Feb 11
  • SUP 1: 1.2020 Low Feb 8
  • SUP 2: 1.1952 Low Feb 5 and the bear trigger
  • SUP 3: 1.1945 23.6% retracement March - Jan rally
  • SUP 4: 1.1924 Low Nov 30

EURUSD is holding onto recent gains - the pair has this week extended the recovery from the Feb 5 low of 1.1952. The Feb 5 price pattern is a bullish engulfing reversal. The pattern is still in play suggesting scope for a recovery. It also highlights a base at last week's low. Strong resistance at 1.2092/98, the 50- and 20-day EMAs gave way Tuesday, opening $1.2156 next. On the downside, sub 1.1952 levels would resume recent bearish pressure.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.