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EURUSD TECHS: Pierces The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.0630 High Dec 6   
  • RES 3: 1.0594 Dec 9 ‘24
  • RES 2: 1.0533 High Jan 27 and a reversal trigger
  • RES 1: 1.0442 High Feb 5 
  • PRICE: 1.0437 @ 06:08 GMT Feb 13
  • SUP 1: 1.0272/0141 Low Feb 4 / 3 and the bear trigger., 
  • 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 

A short-term bull theme in EURUSD remains intact and this week’s gains reinforces this set-up. A candle formation on Feb 3 - a hammer - continues to signal a possible reversal. The pair has pierced a key resistance at the 50-day EMA, at 1.0426. A clear breach of the average would strengthen a bullish condition and signal scope for stronger recovery and open 1.0533, the Jan 27 high. Initial firm support lies at 1.0272, the Feb 4 low.

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  • RES 4: 1.0630 High Dec 6   
  • RES 3: 1.0594 Dec 9 ‘24
  • RES 2: 1.0533 High Jan 27 and a reversal trigger
  • RES 1: 1.0442 High Feb 5 
  • PRICE: 1.0437 @ 06:08 GMT Feb 13
  • SUP 1: 1.0272/0141 Low Feb 4 / 3 and the bear trigger., 
  • 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 

A short-term bull theme in EURUSD remains intact and this week’s gains reinforces this set-up. A candle formation on Feb 3 - a hammer - continues to signal a possible reversal. The pair has pierced a key resistance at the 50-day EMA, at 1.0426. A clear breach of the average would strengthen a bullish condition and signal scope for stronger recovery and open 1.0533, the Jan 27 high. Initial firm support lies at 1.0272, the Feb 4 low.