Free Trial

Maintains This Week’s Firmer Tone

EURUSD TECHS
  • RES 4: 1.1483 High Jan 14 and a key resistance
  • RES 3: 1.1421 High Jan 18
  • RES 2: 1.1361 Bear channel top drawn from the Jun 1 2021 high
  • RES 1: 1.1339 50-day EMA
  • PRICE: 1.1307 @ 17:34 GMT Feb 2
  • 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: 1.1021 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 has continued to appreciate this week and maintains a firmer short-term 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 1.1339 and bear channel resistance at 1.13661. A reversal lower would signal the end of the correction and refocus attention on 1.1121.

To read the full story

Close

Why MNI

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.