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Bullish With Key Support Intact

EURUSD TECHS

EURUSD continues to consolidate and trades below the 1.2178 high from Dec 4.

  • The trend is overbought however with support at 1.2059 intact, Dec 9 low, there do not appear to be any reversal threats on the horizon.
  • It would take a break of 1.2059 to suggest a near-term top and signal scope for a deeper correction.
  • Resistance levels and objectives are:
    • RES 1: 1.2184 1.382 proj of the Nov 4 - 9 rally from the Nov 11 low
    • RES 2 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
    • RES 3: 1.2319 2.0% 10-dma envelope

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