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Volatile Corrective Pullback

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9, 2021
  • RES 2: 1.1558 38.2% retracement of the May ‘21 - Jan 28 sell-off
  • RES 1: 1.1495 High Feb 10 / High March 2020
  • PRICE: 1.1399 @ 15:28 GMT Feb 11
  • SUP 1: 1.1326 Bear channel top drawn from the Jun 1, 2021 high
  • SUP 2: 1.1267 Low Jan 2
  • SUP 3: 1.1221/1121 Low Jan 1 / Low Jan 28 and the bear trigger
  • SUP 4: 1.1070 Low May 29, 2020

EURUSD bulls remain in control however price action is trading in a more volatile manner near its recent highs. Thursday’s high of 1.1495 marks initial resistance where a break is required to suggest a resumption of the uptrend. 1.1495 also coincides with the March 2020 high. On the downside, key short-term support is seen at 1.1326, the top of the former channel. Short-term dips are considered corrective.

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