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Holding Onto This Week’s Gains

  • RES 4: 1.1483 High Jan 14 and a key resistance
  • RES 3: 1.1421 High Jan 18
  • RES 2: 1.1356 Bear channel top drawn from the Jun 1 2021 high
  • RES 1: 1.1338 50-day EMA
  • PRICE: 1.1300 @ 05:46 GMT Feb 3
  • SUP 1: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 2: 1.1070 Low May 29, 2020
  • SUP 3: 1.1016 Bear channel base drawn from the Jun 1 2021 high
  • SUP 4: 1.0976 2.00 proj of the Jan - Mar - May 2021 price swing

EURUSD traded higher Wednesday and maintains this week’s firmer tone following the recovery from 1.1121, the Jan 28 low. A recent candlestick reversal pattern - morning star - provided an early warning of a possible shift in sentiment. Attention is on the 50-day EMA at 1.1338 and bear channel resistance at 1.1356. A reversal lower would signal the end of the correction and refocus attention on 1.1121.

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