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Pierces Trendline Support

EURUSD TECHS
  • RES 4: 1.1139 High Dec 28 and the bull trigger
  • RES 3: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.0998 High Jan 5
  • PRICE: 1.0913 @ 05:44 GMT Jan 16
  • SUP 1: 1.0877 Low Jan 5 05 and a key short-term support
  • SUP 2: 1.0793 50.0% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0724 Low Dec 8
  • SUP 4: 1.0712 61.8% retracement of the Oct - Dec bull leg

EURUSD remains inside its recent range but is trading lower today. Price has pierced 1.0931, a trendline drawn from the Nov 1 low. A clear break of this trendline would strengthen a bearish threat and signal scope for a deeper correction. An additional key support to watch lies at 1.0877, the Jan 5 low. A breach of this level would also reinforce bearish conditions. Resistance is at 1.0998, Jan 5 high. A move above this hurdle would ease bearish conditions.

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