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Still Pointed Higher Despite Friday Pullback

EURUSD TECHS
  • RES 4: 1.1726 50.0% retracement of the May - Nov 2021 bear leg
  • RES 3: 1.1692 High Oct 28, 2021
  • RES 2: 1.1608 High Nov 9
  • RES 1: 1.1514 Low Nov 5
  • PRICE: 1.1410 @ 17:04 GMT Jan 14
  • SUP 1: 1.1409 Low Jan 14
  • SUP 2: 1.1386 High Dec 31
  • SUP 3: 1.1272/22 Low Jan 04 / Low Dec 15
  • SUP 4: 1.1186/85 Low Nov 24 / Low Jul 1, 2020 and the bear trigger

EURUSD ebbed lower Friday, as markets booked profit on the solid mid-week rally. Despite the minor pullback, the short-term outlook remains bullish after the break above resistance at 1.1383/86, Nov 30 and Dec 31 highs as well as 1.1432 - the top of a bear channel drawn from the Jun 1, 2021 high. The break here reinforces the growing likelihood of a further short-term recovery and a more significant reversal. The next objective is 1.1514. Initial firm support is at 1.1386.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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