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EURUSD TECHS: Trend Needle Points South

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0533 High Jan 27 and a key resistance   
  • RES 3: 1.0446 50-day EMA
  • RES 2: 1.0387 20-day EMA 
  • RES 1: 1.0350 Low Jan 31 and high Feb 3
  • PRICE: 1.0295 @ 05:55 GMT Feb 4 
  • SUP 1: 1.0221 61.8% retracement of the Jan 3 low-high range
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg 

EURUSD recovered from Monday’s intraday low, however, for now, gains are considered corrective. Yesterday’s fresh cycle low, highlights a resumption of the downtrend. Moving average studies are in a bear-mode position and attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Clearance of this level would open 1.0031, the 2.00 projection. Initial resistance is 1.0350, the Jan 31 low and Monday’s high.

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  • RES 4: 1.0533 High Jan 27 and a key resistance   
  • RES 3: 1.0446 50-day EMA
  • RES 2: 1.0387 20-day EMA 
  • RES 1: 1.0350 Low Jan 31 and high Feb 3
  • PRICE: 1.0295 @ 05:55 GMT Feb 4 
  • SUP 1: 1.0221 61.8% retracement of the Jan 3 low-high range
  • SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18’23 bull leg 

EURUSD recovered from Monday’s intraday low, however, for now, gains are considered corrective. Yesterday’s fresh cycle low, highlights a resumption of the downtrend. Moving average studies are in a bear-mode position and attention is on 1.0138, the 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Clearance of this level would open 1.0031, the 2.00 projection. Initial resistance is 1.0350, the Jan 31 low and Monday’s high.