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Bullish Theme Intact

EURUSD TECHS
  • RES 4: 1.1986 2.0% 10-dma envelope
  • RES 3: 1.1977 3.0% Upper Bollinger Band
  • RES 2: 1.1920 High Nov 9
  • RES 1: 1.1843 High Nov 10
  • PRICE: 1.1817 @ 10:45 GMT Nov 12
  • SUP 1: 1.1746 Low Nov 11
  • SUP 2: 1.1711 Low Nov 5 and key intraday support
  • SUP 3: 1.1678 76.4% retracement of the Nov 4 - 9 rally
  • SUP 4: 1.1603 Low Nov 4 and the bear trigger

EURUSD continues to trade below Monday's highs. The recent move lower is considered a correction with the pair maintaining a bullish tone following last week's gains and Monday's breach of 1.1881, Oct 21 high. The break higher opens 1.2011, Sep 1 high. Clearance of 1.1920, Monday's high, would resume the uptrend. On the downside, initial firm support lies at 1.1711, Nov 5 low. A break would be a concern for bulls and expose 1.1603 key support.

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