Free Trial

Support Tested At The 50-Day EMA

EURUSD TECHS
  • RES 4: 1.1076 High Apr 1, 2022
  • RES 3: 1.1054 1.236 proj of the Oct 13 -27 rally from the Jan 6 low
  • RES 2: 1.0940/1.1033 High Feb 3 / High Feb 2
  • RES 1: 1.0793 20-day EMA
  • PRICE: 1.0670 @ 16:50 GMT Feb 10
  • SUP 1: 1.0669 Low Feb 7
  • SUP 2: 1.0634 Low Jan 9
  • SUP 3: 1.0484 Low Jan 6 and a key support
  • SUP 4: 1.0461 38.2% retracement of the Sep 28 - Feb 2 bull leg

EURUSD drifted lower into the Friday close, testing support at 1.0674, the 50-day EMA. This represents a key short-term level and the recent move down is considered corrective. The Feb 7 price action is a doji candle pattern - a potential bullish reversal signal. A recovery would refocus attention on 1.1033, the Feb 2 high. A clear break of the 50-day EMA would instead strengthen the bearish cycle and expose 1.0634, the Jan 9 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.