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Monitoring A Bearish Shooting Star

EURUSD TECHS
  • 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: 1.2169 High Feb 16
  • PRICE: 1.2093 @ 05:49 GMT Feb 17
  • SUP 1: 1.2082 Low Feb 12
  • SUP 2: 1.2020 Low Feb 8
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD failed to hold onto yesterday's day's gains and retreated from the session high of 1.2169. Despite the pullback, a bullish theme remains intact. The Feb 5 price pattern, a bullish engulfing reversal, is still in play highlighting current conditions. A concern for bulls though is yesterday's bearish candle pattern - a shooting star. A deeper pullback would expose 1.2020, Feb 8 low. The bull trigger is 1.2169 where a break would negate the candle pattern.

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