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Bullish Price Structure

EURUSD TECHS
  • RES 4: 1.2149 2.0% 10-dma envelope
  • RES 3: 1.2138 1.236 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2102 76.4% retracement of the 2018-20 downtrend
  • RES 1: 1.2088 Intraday high
  • PRICE: 1.2059 @ 10:21 GMT Dec 2
  • SUP 1: 1.2011 High Sep 1 and recent breakout level
  • SUP 2: 1.1927 Low Dec 1
  • SUP 3: 1.1879 20-day EMA
  • SUP 4: 1.1816 50-day EMA

EURUSD maintains a bullish stance having traded to a fresh 2020 high following the breach of the Sep 1 high of 1.2011. This cements the bullish outlook and confirms a resumption of the uptrend that has dominated since March. 1.2084, May 1st 2018 high has been probed. Attention turns to 1.2102, 76.4% of the entire 2018-20 downtrend. A break would reinforce bullish conditions. On the downside, 1.2011 marks initial support.

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