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Bullish Conditions Remain Intact

EURUSD TECHS
  • RES 4: 1.2258 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
  • PRICE: 1.2121 @ 10:23 GMT Dec 8
  • SUP 1: 1.2040 Low Dec 2
  • SUP 2: 1.2011 High Sep 1 and recent breakout level
  • SUP 3: 1.1959/27 20-day EMA / Low Dec 1
  • SUP 4: 1.1885 Low Nov 26

EURUSD is trading below recent highs but maintains a bullish outlook. This follows last week's clearance of the Sep 1 high of 1.2011 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 also point north, reinforcing current conditions. The focus is on 1.2184, a Fibonacci projection. Initial support is seen at 1.2040.

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