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Trading Near Its Recent Highs

  • 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: 1.1483/84 High Jan 14 / Feb 04 and a key resistance
  • PRICE: 1.1416 @ 06:07 GMT Feb 8
  • SUP 1: 1.1341 Bear channel top drawn from the Jun 1, 2021 high
  • SUP 2: 1.1267 Low Jan 2
  • SUP 3: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 4: 1.1070 Low May 29, 2020

EURUSD is trading closer to its recent highs. The outlook remains bullish following last week’s gains and clearance of the 20- and 50-day EMAs. The pair also breached the top of its bear channel drawn from the Jun 1 high of last year. The clear break of this channel resistance highlights a more significant reversal. The focus is on 1.1558, a Fibonacci retracement. Initial support is seen at 1.1341.

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