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Trading Closer To Its Recent Lows

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9
  • RES 2: 1.1483/1514 High Jan 14/ Low Nov 5
  • RES 1: 1.1421 High Jan 18
  • PRICE: 1.1349 @ 06:12 GMT Jan 20
  • SUP 1: 1.1315 Low Jan 17
  • SUP 2: 1.1272 Low Jan 04
  • SUP 3: 1.1260/22 1.0% 10-dma envelope / Low Dec 15
  • SUP 4: 1.1186/85 Low Nov 24 / Low Jul 1, 2020 and the bear trigger

EURUSD is trading closer to its recent lows. Tuesday’s sell-off resulted in a breach of the 20-day EMA, currently at 1.1354. This week’s price action threatens the recent bullish theme and suggests that at this stage, last week’s range and bear channel breakout appears to have been a false one and has failed to deliver a bullish reversal. A resumption of weakness would expose 1.1272, Jan 4 low. Key resistance is at 1.1483, Jan 14 high.

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