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Testing Support

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: 1.0894 @ 16:25 GMT Jan 16
  • SUP 1: 1.0863 Low Jan 16
  • 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 lower Tuesday. Price has breached 1.0931, a trendline drawn from the Nov 1 low. A clear break of this trendline would strengthen a bearish threat and signal scope for a deeper correction. An additional key support to watch is 1.0877, the Jan 5 low. This level has been pierced and a clear breach would further reinforce bearish conditions and open 1.0793, a Fibonacci retracement. Resistance is at 1.0998, the Jan 5 high.

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