Free Trial

Vulnerable Despite Recovery

EURUSD TECHS
  • RES 4: 1.2380 2.00 proj of Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2353 High Apr 20, 2018
  • RES 2: 1.2349 High Jan 6
  • RES 1: 1.2230/85 High Jan 11 / 8
  • PRICE: 1.2211 @ 05:57 GMT Jan 13
  • SUP 1: 1.2132/30 Low Jan 11 / Low Dec 21
  • SUP 2: 1.2105 Low Dec 11
  • SUP 3: 1.2090 50-day EMA
  • SUP 4: 1.2059 Low Dec 9

EURUSD remains vulnerable despite yesterday's recovery. The recent move lower has signals the start of a much needed correction allowing a recent overbought condition to unwind. Price action has this week traded through the 20-day EMA and this exposes support at 1.2130, the Dec 21 low. A breach here would open the 50-day EMA at 1.2090. On the upside, 1.2230 marks initial resistance, Jan 11 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.