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Negates Bearish Candle

EURUSD TECHS
  • RES 4: 1.2237 1.0% 10-dma Envelope
  • RES 3: 1.2223 High Jan 13
  • RES 2: 1.2190 High Jan 22 and a key resistance
  • RES 1: 1.2180 High Feb 22
  • PRICE: 1.2153 @ 16:38 GMT Feb 23
  • SUP 1: 1.2082 Low Feb 19
  • SUP 2: 1.2023 Low Feb 17
  • SUP 3: 1.1952 Low Feb 5 and the bear trigger
  • SUP 4: 1.1945 23.6% retracement March - Jan rally

EURUSD is holding onto Friday's gains having cleared resistance at 1.2110, Feb 17 high. Markets have now also topped 1.2169, the Feb 16 high, firming the outlook in the process. This confirms a resumption of the recovery from the Feb 5 low and opens 1.2190 initially, Jan 22 high. Importantly too, this break higher negates the bearish shooting candle pattern from Feb 16. The key S/T support is at 1.2023. A break would be bearish and expose 1.1952, Feb 5 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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