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Bullish Trend Structure

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: 1.1005 High Aug 11
  • RES 1: 1.0965 High Nov 21 and the bull trigger
  • PRICE: 1.0951 @ 05:51 GMT Nov 28
  • SUP 1: 1.0825/0756 Low Nov 17 / High Nov 5, recent breakout level
  • SUP 2: 1.0742 50-day EMA
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD remains bullish and sights are on the recent 1.0965 high (Nov 21). Clearance of this level would confirm a resumption of the uptrend. The next objectives are 1.1005, Aug 11 high and 1.1065, the Aug 10 high and a key resistance. Note that the trend condition remains overbought, a corrective pullback would unwind this condition. Initial support to watch is 1.0825, the Nov 17 low.

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