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Testing Resistance At The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.1139 High Dec 28 and the bull trigger
  • RES 3: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 2: 1.1046 High Jan 2
  • RES 1: 1.0998 High Jan 5
  • PRICE: 1.0893 @ 16:15 GMT Jan 24
  • SUP 1: 1.0822 Low Jan 23 and the bear trigger
  • SUP 2: 1.0793 50.0% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0724 Low Dec 8
  • SUP 4: 1.0712 61.8% retracement of the Oct - Dec bull leg

EURUSD traded higher Wednesday, but faded off the session’s best levels. This has resulted in a test of initial resistance around the 20-day EMA, at 1.0921. A clear break of this average would suggest scope for a stronger recovery and expose the key short-term resistance at 1.0998, the Jan 5 high. Clearance of this level would highlight a potential reversal. On the downside, a break of 1.0822, Wednesday’s low, would resume the recent bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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