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Bull Trend Extension

  • RES 4: 1.0774 High Jun 9
  • RES 3: 1.0736 2.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0731 2.0% 10-dma envelope
  • RES 1: 1.0673 High Dec 13
  • PRICE: 1.0627 @ 05:38 GMT Dec 14
  • SUP 1: 1.0506/0443 Low Dec 12 / 7 and a key short-term support
  • SUP 2: 1.0424/0291 20-day EMA / Low Nov 30
  • SUP 3: 1.0243 50-day EMA
  • SUP 4: 1.0223 Low Nov 21

EURUSD traded higher Tuesday and in the process cleared resistance at 1.0595, the Dec 5 high. The pair is holding on to the bulk of its latest gains. The break higher confirms a resumption of the uptrend and cancels a recent bearish candle pattern - a shooting star. This sets the scene for 1.0736 next, a Fibonacci projection. On the downside, key short-term support has been defined at 1.0443, Dec 7 low, where a break would signal a short-term top.

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