Considering the headlines we would have expected a slightly bigger relief rally but we guess the result was already priced in. EURUSD recovered from last Mondays 1.3176 lows to a high of 1.3292 today. Having negated resistance at 1.3282 we expected the move to extend to 1.3320 in the near term.

If the bulls do rally again from here, we expect some supply to materialize at 1.3320 (13th Dec, 27th Jan, 31st Jan & 1st Feb highs). Then above there we have clear skies until next resistance at 1.3461 (8th Dec high).

Next supports in the cross hairs will be 1.3190/10 (intraday low), 1.3099 (16th Feb low), than should bears attempt to close the gap 1.2930 (25th Jan low) will come into play. After that 1.2875 (23nd Jan low), 1.2839 (19th Jan low), and 1.2711 (17th Jan US session low) should provide support.

MT4 - Considering the headlines we would have expected a slightly bigger relief rally but we guess the result was already priced in. EURUSD recovered from last Mondays 1.3176 lows to a high of 1.3292 today. Having negated resistance at 1.3282 we expected the move to extend to 1.3320 in the near term.

If the bulls do rally again from here, we expect some supply to materialize at 1.3320 (13th Dec, 27th Jan, 31st Jan & 1st Feb highs). Then above there we have clear skies until next resistance at 1.3461 (8th Dec high).

Next supports in the cross hairs will be 1.3190/10 (intraday low), 1.3099 (16th Feb low), than should bears attempt to close the gap 1.2930 (25th Jan low) will come into play. After that 1.2875 (23nd Jan low), 1.2839 (19th Jan low), and 1.2711 (17th Jan US session low) should provide support.

MT4 platform and analysis courtesy of Swissquote bank.

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