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EURUSD TECHS: Pierces Trendline Resistance

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0630 High Dec 06
  • RES 3: 1.0568 High Dec 10
  • RES 2: 1.0461 50-day EMA  
  • RES 1: 1.0437 High Jan 6
  • PRICE: 1.0379 @ 05:59 GMT Jan 21
  • SUP 1: 1.0260/0178 Low Jan 15 / 13 and the bear trigger   
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0097 2.0% 10-dma envelope
  • SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

The latest recovery in EURUSD appears corrective, however, the pair has breached the 20-day EMA, at 1.0346, and pierced trendline resistance at 1.0393, drawn from the Sep 30 ‘24 high. A clear breach of the line would expose the 50-day EMA at 1.0461. Clearance of this average would strengthen a bullish condition. Key support and the bear trigger is at 1.0178, the Jan 13 low. The medium-term trend condition remains bearish.

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  • RES 4: 1.0630 High Dec 06
  • RES 3: 1.0568 High Dec 10
  • RES 2: 1.0461 50-day EMA  
  • RES 1: 1.0437 High Jan 6
  • PRICE: 1.0379 @ 05:59 GMT Jan 21
  • SUP 1: 1.0260/0178 Low Jan 15 / 13 and the bear trigger   
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0097 2.0% 10-dma envelope
  • SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

The latest recovery in EURUSD appears corrective, however, the pair has breached the 20-day EMA, at 1.0346, and pierced trendline resistance at 1.0393, drawn from the Sep 30 ‘24 high. A clear breach of the line would expose the 50-day EMA at 1.0461. Clearance of this average would strengthen a bullish condition. Key support and the bear trigger is at 1.0178, the Jan 13 low. The medium-term trend condition remains bearish.