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Watching Support At The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.1054 High Apr 4 2022
  • RES 3: 1.1022 3.00 proj of the Sep 28 - Oct 4 - Oct 13 price swing
  • RES 2: 1.0954 High Apr 11, 2022
  • RES 1: 1.0929 High Jan 26
  • PRICE: 1.0837 @ 06:11 GMT Jan 31
  • SUP 1: 1.0795/0767 20-day EMA / Low Jan 18
  • SUP 2: 1.0634 Low Jan 9
  • SUP 3: 1.0626/1.0484 50-day EMA / Low Jan 6
  • SUP 4: 1.0440 3.0% Lower Bollinger Band

EURUSD bulls remain in the driver’s seat, however, the pair has pulled back from recent highs. The move lower is considered corrective with support at 1.0795, the 20-day EMA. A break of this level would strengthen a bearish theme and allow for a deeper correction. This would open 1.0767, the Jan 18 low. Note that the trend is overbought. On the upside, the bull trigger is 1.0929, the Jan 26 high. A break would resume the uptrend.

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