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Resumes Its Major Downtrend

EURUSD TECHS
  • RES 4: 1.1483/1514 High Jan 14 and key resistance / Low Nov 5
  • RES 3: 1.1376/1421 Bear channel top / High Jan 18
  • RES 2: 1.1315 20-day EMA
  • RES 1: 1.1243 High Jan 27
  • PRICE: 1.1168 @ 16:39 GMT Jan 28
  • SUP 1: 1.1121 Low Jan 28
  • SUP 2: 1.1070 Low May 29, 2020
  • SUP 3: 1.1036 Bear channel base drawn from the Jun 1 2021 high
  • SUP 4: 1.0976 2.00 proj of the Jan - Mar - May 2021 price swing

EURUSD traded lower again Friday, extending the clearance of key support at 1.1186/85, the Nov 24 and Jul 1 2020 lows. This confirms a resumption of the broader downtrend that started Jan 6, 2021 and paves the way for weakness towards 1.1070 next, the May 29, 2020 lows. Note that despite trading outside of the ranges recently, EURUSD remains in a bear channel. The base lies at 1.1031. The channel is drawn from the Jun 1 2021 high.

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