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Challenging Support At The 50-Day EMA

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: 1.0913/1017 High Dec 1 / High Nov 29 and the bull trigger
  • RES 1: 1.0827 High Dec 12
  • PRICE: 1.0789 @ 05:22 GMT Dec 13
  • SUP 1: 1.0724 Low Dec 8 and the bear trigger
  • SUP 2: 1.0693 Low Nov 14
  • SUP 3: 1.0665 61.8% retracement of the Oct 3 - Nov 29 rally
  • SUP 4: 1.0582 76.4% retracement of the Oct 3 - Nov 29 rally

EURUSD is in consolidation mode and for now, maintains a softer tone. The pair is testing support at 1.0774, the 50-day EMA and an important short-term pivot support. A clear break of this average would strengthen a bearish theme and open 1.0693, the Nov 14 low. On the upside, a strong reversal higher is required to refocus attention on key resistance and the bull trigger at 1.1017. Initial resistance is at 1.0827, Tuesday’s high.

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