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Maintains A Softer Tone

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: 1.0936/98 20-day EMA / High Jan 5
  • PRICE: 1.0882 @ 05:49 GMT Jan 19
  • SUP 1: 1.0845 Low Jan 17
  • 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 maintains a short-term weaker tone. This week’s move lower has resulted in the break of a trendline drawn from the Nov 1 low, signalling scope for a continuation of the corrective cycle. Note that key support at 1.0877, the Jan 5 low, has been pierced. A clear breach would further reinforce bearish conditions and open 1.0793, a Fibonacci retracement. Resistance is at 1.0998, Jan 5 high. A break would signal a reversal.

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