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Uptrend Remains Intact

EURUSD TECHS
  • RES 4: 1.2414 High Apr 17, 2018
  • RES 3: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2353 High Apr 20, 2018
  • RES 1: 1.2349 High Jan 6
  • PRICE: 1.2313 @ 05:53 GMT Jan 7
  • SUP 1: 1.2209/04 Low Dec 31 / 20-day EMA
  • SUP 2: 1.2130 Low Dec 21
  • SUP 3: 1.2105 Low Dec 11
  • SUP 4: 1.2069 50-day EMA

EURUSD maintains a bullish tone and was firmer Wednesday, trading to a high of 1.2349. Recently, we highlighted that the daily trend condition is overbought and this suggests the pair is due a correction. The continued move higher though places a correction on hold for now. The resumption of the uptrend signals scope for 1.2353, Apr 20, 2018 high ahead of 1.2380, a Fibonacci projection. Key trend support remains 1.2130, Dec 21 low.

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