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Springs Back To Life

EURUSD TECHS
  • RES 4: 1.2353 High Apr 20, 2018
  • RES 3: 1.2349 High Jan 6
  • RES 2: 1.2230/85 High Jan 11 / 8
  • RES 1: 1.2175 20-day EMA
  • PRICE: 1.2121 @ 17:34 GMT Jan 19
  • SUP 1: 1.2054 Low Jan 18
  • SUP 2: 1.2011 High Sep 1 and a former breakout level
  • SUP 3: 1.1976 50.0% retracement of the Nov 4 - Jan 6 rally
  • SUP 4: 1.1951 2.0% 10-dma envelope

Having traded poorly for a number of sessions now, EURUSD bounced smartly Tuesday, but failed to make any material move through resistance. This keeps the focus on the 20-day EMA currently crossing at 1.2175. The leg lower since Jan 6 is considered part of a correction that is allowing a recent overbought condition to unwind. The focus on the way lower is 1.2011, Sep 1 high next and 1.1976, a Fibonacci retracement. 1.2230 marks a firm resistance.

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