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Bullish Outlook Intact

EURUSD TECHS
  • RES 4: 1.2230 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: 1.2132 @ 05:40 GMT Dec 7
  • SUP 1: 1.2101/2040 Low Dec 3 / Low Dec 2
  • SUP 2: 1.2011 High Sep 1 and recent breakout level
  • SUP 3: 1.1943/27 20-day EMA / Low Dec 1
  • SUP 4: 1.1885 Low Nov 26

EURUSD is largely unchanged but remains bullish. Last week's clearance of the Sep 1 high of 1.2011 confirmed a resumption of the uptrend that has dominated since the reversal on Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. With further gains likely, the focus is on 1.2184, a Fibonacci projection. On the downside, initial support is seen at 1.2101 and 1.2040.

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