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Consolidating But Bullish Outlook Intact

EURUSD TECHS
  • RES 4: 1.2011 High Sep 1 and the bull trigger
  • RES 3: 1.1998 3.0% Upper Bollinger Band
  • RES 2: 1.1920 High Nov 9
  • RES 1: 1.1894 High Nov 17
  • PRICE: 1.1855 @ 16:48 GMT Nov 20
  • SUP 1: 1.1808 20-day EMA
  • SUP 2: 1.1746 Low Nov 11
  • SUP 3: 1.1711 Low Nov 5 and key intraday support
  • SUP 4: 1.1678 76.4% retracement of the Nov 4 - 9 rally

EURUSD continues to consolidate. A bullish outlook however remains intact. The move lower between Nov 9 - 11 is considered a correction and a bullish theme has been reinforced by the recent breach of 1.1881, Oct 21 high. The break higher opens this year's high print of 1.2011 on Sep 1 with the immediate bull trigger at 1.1920, Nov 9 high. On the downside, initial firm support to watch is at 1.1746, Nov 11 low.

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