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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: 1.0686 @ 07:35 GMT Feb 13
  • SUP 1: 1.0656 Low Feb 13
  • 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 still through early Monday trade, showing below 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.

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

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