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EURUSD TECHS: Monitoring Resistance

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0594 Dec 9 ‘24   
  • RES 3: 1.0533 High Jan 27 and a reversal trigger 
  • RES 2: 1.0443 50-day EMA 
  • RES 1: 1.0386/88 20-day EMA / High Feb 4 
  • PRICE: 1.0377 @ 06:04 GMT Feb 5 
  • SUP 1: 1.0272 Low Feb 4
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg 

Gains EURUSD are considered corrective. A strong reversal from Monday’s low does highlight a potential hammer candle formation on that day. However, additional reinforcing price evidence is required to signal a turn in the trend. MA studies are in a bear-mode position, highlighting a downtrend. Attention is on 1.0138, a Fibonacci projection. 1.0386 to 1.0443, the area between the 20-and 50-days EMAs, marks an important resistance zone. 

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  • RES 4: 1.0594 Dec 9 ‘24   
  • RES 3: 1.0533 High Jan 27 and a reversal trigger 
  • RES 2: 1.0443 50-day EMA 
  • RES 1: 1.0386/88 20-day EMA / High Feb 4 
  • PRICE: 1.0377 @ 06:04 GMT Feb 5 
  • SUP 1: 1.0272 Low Feb 4
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg 

Gains EURUSD are considered corrective. A strong reversal from Monday’s low does highlight a potential hammer candle formation on that day. However, additional reinforcing price evidence is required to signal a turn in the trend. MA studies are in a bear-mode position, highlighting a downtrend. Attention is on 1.0138, a Fibonacci projection. 1.0386 to 1.0443, the area between the 20-and 50-days EMAs, marks an important resistance zone.