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Remains Above The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1076 High Apr 1, 2022
  • RES 3: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
  • RES 2: 1.0940/1.1033 High Feb 3 / High Feb 2
  • RES 1: 1.0798 20-day EMA
  • PRICE: 1.0732 @ 05:52 GMT Feb 9
  • SUP 1: 1.0671/69 50-day EMA / Low Feb 7
  • SUP 2: 1.0634 Low Jan 9
  • SUP 3: 1.0484 Low Jan 6 and a key support
  • SUP 4: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg

EURUSD is consolidating and continues to trade just ahead of support at 1.0671, the 50-day EMA. This represents a key short-term level and the recent move down is considered corrective. Tuesday’s activity is a doji candle pattern - a potential bullish reversal signal. A recovery would refocus attention on 1.1033, the Feb 2 high. A clear break of the 50-day EMA would instead strengthen the recent bearish cycle and expose 1.0634, the Jan 9 low.

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