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Bearish Threat Still Present

  • RES 4: 1.0615 High Jun 27
  • RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0536 High Nov 24 / Jun 29
  • RES 1: 1.0497 High Nov 28
  • PRICE: 1.0325 @ 19:52 GMT Nov 29
  • SUP 1: 1.0297 Low Nov 23
  • SUP 2: 1.0223/0198 Low Nov 21 / High Sep 12
  • SUP 3: 1.0094 High Oct 27 and a key near-term resistance
  • SUP 4: 1.0095 50-day EMA

EURUSD remains below this week’s high. The weak close Monday is a potential bearish development that points to a possible top. In pattern terms, Monday is a shooting star candle - a reversal signal. An extension lower would expose key support at 1.0223, Nov 21 low. Clearance of this level would confirm a reversal and signal scope for a deeper pullback. A break of 1.0497, Nov 28 high, is required to resume recent bullish price action.

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