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Approaching The Bear Channel Base

EURUSD TECHS
  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.17155 / High Sep 22
  • RES 2: 1.1650/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 1: 1.1514/1608 Low Nov 5 / High Nov 9
  • PRICE: 1.1379 @ 06:01 GMT Nov 16
  • SUP 1: 1.1356 Low Nov 15
  • SUP 2: 1.1310 Bear channel base drawn from the Jun 1 high
  • SUP 3: 1.1290 61.8% retracement of the Mar '20 - Jan '21 rally
  • SUP 4: 1.1222 1.382 proj of the Jan 6 - Mar 31 - May 25 price swing

EURUSD traded lower Monday to resume the current bear leg. The move lower yesterday puts the pair at the lowest level since mid-2020 and the USD Index at a similar (higher) mark. The 1.1375 objective has been achieved (1.382 projection of the Jan 6 - Mar 31 - May 25 price swing) and attention turns to the 1.1305 bear channel base drawn off the Jun 1st high. 1.1514, Nov 5 is seen as the initial firm resistance.

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