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Trades Below Support At The Bear Channel Top

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1401/95 High Feb 11 / High Feb 10
  • PRICE: 1.1315 @ 06:10 GMT Feb 15
  • SUP 1: 1.1280 Low Feb 14
  • SUP 2: 1.1267 Low Feb 2
  • SUP 3: 1.1209 76.4% retracement of the Jan 28 - Feb 10 rally
  • SUP 4: 1.1121 Low Jan 28 and the bear trigger

EURUSD traded lower still Monday, resulting in a breach of nearby support at the 1.1315 bear channel top. A continuation lower together with a breach of the next support at 1.1267, Feb 2 low, would signal scope for a deeper retracement of recent gains. On the upside, key short-term resistance is at last Thursday’s high of 1.1495. A break of this level is required to confirm a resumption of the recent upleg and would remove bearish concerns.

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