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Still Looking For A Break Lower

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: 1.2190 High Jan 22
  • PRICE: 1.2101 @ 20:28 GMT Jan 27
  • 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: 1.1891 2.0% 10-dma envelope

EURUSD saw further weakness Wednesday, but failed to make any headway through the Jan 18 low. Last week's gains are likely a pause in the current bearish cycle and further short-term weakness is likely. The recent sell-off from 1.2349, Jan 6 high marks the start of a correction and attention is on 1.2054, Jan 8 low. A break would open 1.2011, Sep 1 high and 1.1976, a Fibonacci retracement. Clearance of 1.2190, Jan 22 high would expose 1.2230 instead, Jan 11 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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