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Corrective Cycle Still In Play

  • RES 4: 1.0615 High Jun 27
  • RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0536 High Jun 29
  • RES 1: 1.396/0479 High Nov 18 / 15 and the bull trigger
  • PRICE: 1.0275 @ 15:42 GMT Nov 22
  • SUP 1: 1.0198/0136 High Sep 12 / 20-day EMA
  • SUP 2: 1.0094 High Oct 27 and a key near-term resistance
  • SUP 3: 1.0034 50-day EMA
  • SUP 4: 0.9936 Low Nov 11

EURUSD traded lower Monday, extending the pullback from last week’s 1.0479 high on Nov 15 high. The move lower is considered corrective and this is allowing a recent overbought trend condition to unwind. Next support to watch lies at 1.0198, the Sep 12 high. On the upside, a resumption of gains and a break of 1.0479 would mark the end of the correction and confirm a resumption of recent gains.

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