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Remains Below Recent Highs

EURUSD TECHS
  • RES 4: 1.2243 1.0% 10-dma envelope
  • RES 3: 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2184 1.382 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 1: 1.2178 High Dec 4 and the bull trigger
  • PRICE: 1.2161 @ 05:53 GMT Dec 16
  • SUP 1: 1.2059 Low Dec 10
  • SUP 2: 1.2034 20-day EMA
  • SUP 3: 1.2011 High Sep 1 and recent breakout level
  • SUP 4: 1.1927 Low Dec 1

EURUSD is firmer but still trades below the 1.2178 high from Dec 4. The trend is overbought however, with support at 1.2059 intact, Dec 9 low, there do not appear to be any reversal threats on the horizon. It would take a break of 1.2059 to suggest a near-term top and signal scope for a deeper correction. Until then, bullish conditions remain intact with the focus on 1.2184 next, a Fibonacci projection.

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