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Bullish Recovery Extends

EURUSD TECHS
  • RES 4: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1017 High Nov 29 and the bull trigger
  • RES 1: 1.1003 High Dec 14
  • PRICE: 1.1000 @ 16:35 GMT Dec 14
  • SUP 1: 1.0823/1.0773 20-day EMA / Low Dec 13
  • SUP 2: 1.0724 Low Dec 8 and the bear trigger
  • SUP 3: 1.0693 Low Nov 14
  • SUP 4: 1.0665 61.8% retracement of the Oct 3 - Nov 29 rally

EURUSD has reversed sharply higher. The recovery this week is a bullish development and signals the end of the recent corrective pullback between Nov 29 - Dec 8. A continuation higher would signal scope for a test of key short-term resistance at 1.1017, the Nov 29 high and a bull trigger. Moving average studies are in a bull-mode position, highlighting an uptrend. Key support has been defined at 1.0724, the Dec 8 low.

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