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Back Below The Bear Channel

EURUSD TECHS
  • RES 4: 1.17155 / High Sep 22
  • RES 3: 1.1630/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514/1608 Low Nov 5 / High Nov 9
  • RES 1: 1.1374/1492 High Nov 18 / 20-day EMA
  • PRICE: 1.1317 @ 16:34 GMT Nov 19
  • SUP 1: 1.1222 1.618 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 2: 1.1185 Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar '20 - Jan '21 uptrend

EURUSD remains under pressure and Friday's weakness has resulted in a fresh trend low. Price is back below the base of the bear channel drawn from the Jun 1 high. This price action reinforces the current bearish trend condition and bearish market sentiment. The focus is on 1.1222 next, a Fibonacci projection. Initial resistance is at 1.1374, Nov 18 high with the 20-day EMA at 1.1492.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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