Trend Needle Points North

• RES 4: 1.1276 High Jul 18 and a key resistance
• RES 3: 1.1229 High Jul 20
• RES 2: 1.1150 High Jul 27
• RES 1: 1.1139 High Dec 28
• PRICE: 1.0961 @ 07:57 GMT Jan 03
• SUP 1: 1.0939 Low Jan 02 and a recent breakout level
• SUP 2: 1.0950/1.0859 20- and 50-day EMA values
• SUP 3: 1.0724 Low Dec 8 and the bear trigger
• SUP 4: 1.0693 Low Nov 14

EURUSD maintains a positive tone despite the fade into the Tuesday close - last week’s gains reinforce bullish conditions and pullbacks are considered corrective at these levels. Price has recently traded through key resistance at 1.1017, Nov 29 high and a bull trigger, as well as 1.1081, 76.4% of the Jul - Oct bear leg. This opens 1.1229, the Jul 20 high. Moving average studies are in a bull-mode set-up too, highlighting positive market sentiment. Initial firm support is seen at 1.0950, the 20-day EMA.