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Free AccessBull Flag Formation
- RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
- RES 3: 1.0809 High Sep 4
- RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
- RES 1: 1.0756 High Nov 6
- PRICE: 1.0696 @ 16:31 GMT Nov 13
- SUP 1: 1.0660 50- day EMA
- SUP 2: 1.0638 20-day EMA
- SUP 3: 1.0517/0496 Low Nov 1/ 13
- SUP 4: 1.0448 Low Oct 03 and the bear trigger
A bullish theme in EURUSD remains intact and last week’s shallow pullback appears to be a correction and a bull flag formation - a bullish continuation pattern. A resumption of gains would expose 1.0764, a Fibonacci retracement, and a break of this level would open 1.0809, the Sep 4 high. Firm support is at 1.0517, the Nov 1 low, a break would be bearish. Initial firm support is 1.0638, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.