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EURUSD TECHS: Trend Needle Points South

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0825 High Nov 7 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0543 50-day EMA 
  • RES 1: 1.0414/0458 20-day EMA / High Dec 30 
  • PRICE: 1.0311 @ 06:12 GMT Jan 6
  • SUP 1: 1.0226 Low Jan 2
  • SUP 2: 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg 
  • SUP 3: 1.0198 3.0% Lower Bollinger Band 
  • SUP 4: 1.0167 2.0% 10-dma envelope  

The trend condition in EURUSD remains bearish and last Thursday’s sharp sell-off reinforces current conditions. The break lower confirmed a resumption of the downtrend that started late September last year. Note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0201, a Fibonacci retracement. Initial firm resistance is at 1.0414, the 20-day EMA.

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  • RES 4: 1.0825 High Nov 7 
  • RES 3: 1.0630 High Dec 06
  • RES 2: 1.0543 50-day EMA 
  • RES 1: 1.0414/0458 20-day EMA / High Dec 30 
  • PRICE: 1.0311 @ 06:12 GMT Jan 6
  • SUP 1: 1.0226 Low Jan 2
  • SUP 2: 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg 
  • SUP 3: 1.0198 3.0% Lower Bollinger Band 
  • SUP 4: 1.0167 2.0% 10-dma envelope  

The trend condition in EURUSD remains bearish and last Thursday’s sharp sell-off reinforces current conditions. The break lower confirmed a resumption of the downtrend that started late September last year. Note too that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0201, a Fibonacci retracement. Initial firm resistance is at 1.0414, the 20-day EMA.