EURUSD TECHS: Bull Cycle Remains In Play
Jan-30 18:00
- RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg
- RES 3: 1.0630 High Dec 06
- RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
- RES 1: 1.0533 High Jan 27
- PRICE: 1.0428 @ 16:18 GMT Jan 30
- SUP 1: 1.0392/83 20-day EMA / Low Jan 29
- SUP 2: 1.0260 Low Jan 15
- SUP 3: 1.0178 Low Jan 13 and the bear trigger
- SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
EURUSD continues to trade below its recent highs, but posted a decent intraday rally off the lows. The pair remains in a short-term bull cycle - a correction. Attention is on the 50-day EMA, at 1.0456. A clear break of the average would strengthen bullish conditions and signal scope for a continuation higher near-term. This would open 1.0574, a Fibonacci retracement point. Initial support to watch remains 1.0392, the 20-day EMA. A clear break of the EMA would signal a possible reversal.
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