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Positive Outlook

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1396/95 High Feb 16 / High Feb 10
  • PRICE: 1.1363 @ 05:55 GMT Feb 21
  • SUP 1: 1.1280 Low Feb 14
  • SUP 2: 1.1265 Low Feb 3
  • SUP 3: 1.1209 76.4% retracement of the Jan 28 - Feb 10 rally
  • SUP 4: 1.1121 Low Jan 28 and the bear trigger

EURUSD is trading higher today leaving the recent low of 1.1280, Feb 14 low intact. The broader outlook remains modestly positive and while support holds, attention is on the next resistance at the Feb16 high of 1.1396. A break of this level would improve the outlook for bulls and expose 1.1495, the Feb 10 high and bull trigger. Weakness through 1.1280 would suggest scope for a deeper retracement of the Jan 28 - Feb 10 upleg.

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