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EURUSD TECHS: Support Lies At The 20-Day EMA

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
  • RES 1: 1.0533 High Jan 27
  • PRICE: 1.0438 @ 05:48 GMT Jan 28
  • SUP 1: 1.0388 20-day EMA  
  • SUP 2: 1.0260 Low Jan 15 
  • SUP 3: 1.0178 Low Jan 13 and the bear trigger 
  • SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing  

EURUSD remains in a short-term bull cycle - a correction - and continues to trade closer to its recent highs. The pair has pierced the 50-day EMA, at 1.0459. A clear break of it would strengthen short-term bullish conditions and signal scope for a continuation higher near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch is 1.0388, the 20-day EMA. A move through the EMA would signal a possible reversal.

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  • RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
  • RES 1: 1.0533 High Jan 27
  • PRICE: 1.0438 @ 05:48 GMT Jan 28
  • SUP 1: 1.0388 20-day EMA  
  • SUP 2: 1.0260 Low Jan 15 
  • SUP 3: 1.0178 Low Jan 13 and the bear trigger 
  • SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing  

EURUSD remains in a short-term bull cycle - a correction - and continues to trade closer to its recent highs. The pair has pierced the 50-day EMA, at 1.0459. A clear break of it would strengthen short-term bullish conditions and signal scope for a continuation higher near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch is 1.0388, the 20-day EMA. A move through the EMA would signal a possible reversal.