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Bullish Outlook Betrayed

EURUSD TECHS
  • RES 4: 1.2011 High Sep 1 and the bull trigger
  • RES 3: 1.2007 3.0% Upper Bollinger Band
  • RES 2: 1.1920 High Nov 9
  • RES 1: 1.1906 High Nov 23
  • PRICE: 1.1817 @ 16:18 GMT Nov 23
  • SUP 1: 1.1800 Low Nov 23
  • SUP 2: 1.1746 Low Nov 11
  • SUP 3: 1.1711 Low Nov 5 and key intraday support
  • SUP 4: 1.1678 76.4% retracement of the Nov 4 - 9 rally

EURUSD saw whipsaw price action Monday, rallying to top the 1.19 handle before swiftly reversing in a one point swing to touch lows of 1.1800. This price action undermines the bullish outlook which needs a recovery back above the 1.1881 mark to reinstate. Instead, the move lower has exposed nearby supports of 1.1746 and key intraday support at 1.1711 below.

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

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