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Bull Trend Still On Pause Mode

EURUSD TECHS
  • RES 4: 1.2319 2.0% 10-dma envelope
  • RES 3: 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2184 1.382 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 1: 1.2178 High Dec 4 and the bull trigger
  • PRICE: 1.2154 @ 17:13 GMT Dec 14
  • SUP 1: 1.2059 Low Dec 10
  • SUP 2: 1.2011 High Sep 1 and recent breakout level
  • SUP 3: 1.2009 20-day EMA
  • SUP 4: 1.1927 Low Dec 1

EURUSD is slightly firmer Monday but still trades below recent highs. A bullish outlook remains intact. This follows the Dec 1 clearance of 1.2011, Sep 1 high that confirmed a resumption of the uptrend since Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. MA studies continue to point north. The focus is on 1.2184 next, a Fibonacci projection. Initial firm support is seen at 1.2059.

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