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Consolidation Mode

EURUSD TECHS
  • RES 4: 1.1518 Bear channel top from Jun 1 high
  • RES 3: 1.1514 Low Nov 5
  • RES 2: 1.1412 50-day EMA
  • RES 1: 1.1360/83 High Dec 16 / High Nov 30
  • PRICE: 1.1279 @ 06:04 GMT Dec 21
  • SUP 1: 1.1222 Low Dec 15
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

EURUSD continues to consolidate and remains rangeboound with price trading above initial support at 1.1222, the Dec 15 low. Key resistance at 1.1383 remains intact, Nov 30 high. A break of this hurdle is required to signal potential for a stronger recovery towards 1.1412 the 50-day EMA. The trend remains down though and the trigger for a resumption of bearish activity is 1.1186/85 where a break would open 1.1128, a Fibonacci projection.

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