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Potential Hammer

EURUSD TECHS
  • RES 4: 1.1046 High Jan 2
  • RES 3: 1.0998 High Jan 5
  • RES 2: 1.0932 High Jan 24 and a reversal trigger
  • RES 1: 1.0888/98 High Feb 22 / 02
  • PRICE: 1.0819 @ 16:22 GMT Feb 23
  • SUP 1: 1.0695 Low Feb 14
  • SUP 2: 1.0656 Low Nov 10
  • SUP 3: 1.0611 76.4% retracement of the Oct - Dec bull leg
  • SUP 4: 1.0568 Low Nov 2

EURUSD’s rally faltered at the daily highs of 1.0888 Thursday, as the sell-on-rallies theme resumed and the pair failed to break the 50-dma to challenge any reversal trigger. Weakness off highs reaffirms the overarching bearish theme, with a negative close yesterday forming a potential hammer, which could mark a near-term top. Last week’s bearish extension remains an influence on prices, however the short-term corrective recovery could extend on any strength through the reversal trigger at 1.0932. Consolidation at current or lower levels will re-target fresh trend lows and support at 1.0656, the Nov 10 low.

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