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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Trend Outlook Remains Bullish

  • RES 4: 1.1726 50.0% retracement of the May - Nov 2021 bear leg
  • RES 3: 1.1692 High Oct 28, 2021
  • RES 2: 1.1608 High Nov 9
  • RES 1: 1.1483/1514 High Jan 14/ Low Nov 5
  • PRICE: 1.1406 @ 16:22 GMT Jan 17
  • SUP 1: 1.1399 Low Jan 14
  • SUP 2: 1.1386/53 High Dec 31 / 20-day EMA
  • SUP 3: 1.1272/22 Low Jan 04 / Low Dec 15
  • SUP 4: 1.1186/85 Low Nov 24 / Low Jul 1, 2020 and the bear trigger

EURUSD dips are considered corrective and a bullish theme continues to dominate. This follows last week’s break of resistance at 1.1383/86, Nov 30 and Dec 31 highs, confirming a range breakout. The pair has also cleared the top of a bear channel drawn from the Jun 1, 2021 high. This highlights an important reversal and opens 1.1514 next, the Nov 5 high. Initial firm support is seen at 1.1386.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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