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Corrective Pullback

EURUSD TECHS
  • RES 4: 1.2296 2.0% 10-dma envelope
  • RES 3: 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2184 1.382 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 1: 1.2178 High Dec 4 and the bull trigger
  • PRICE: 1.2096 @ 05:46 GMT Dec 10
  • SUP 1: 1.2040 Low Dec 2
  • SUP 2: 1.2011 High Sep 1 and recent breakout level
  • SUP 3: 1.1983 20-day EMA
  • SUP 4: 1.1927 Low Dec 1

EURUSD maintains a bullish outlook and this week's pullback is considered corrective. A bullish focus follows last week's clearance of the Sep 1 high of 1.2011 that confirmed a resumption of the uptrend since Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. Moving average studies also point north. The focus is on 1.2184 next, a Fibonacci projection. Initial support is seen at 1.2040.

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