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Bull Cycle Extends

EURUSD TECHS
  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 2: 1.1065 High Aug 10 and a key resistance
  • RES 1: 1.1017 Intraday high
  • PRICE: 1.1002 @ 05:57 GMT Nov 29
  • SUP 1: 1.0852/0756 Low Nov 22 / High Nov 5, recent breakout level
  • SUP 2: 1.0752 50-day EMA
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD remains bullish and the pair has traded higher this week, resulting in a break of the 1.1000 handle and new multi-month highs. The breach confirms a resumption of the uptrend. The next objective is 1.1065, the Aug 10 high and a key resistance. Note that the trend condition remains overbought, a corrective pullback would allow this condition to unwind. Initial support to watch is 1.0852, the Nov 22 low.

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