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Corrective Pullback

  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 2: 1.1065 High Aug 10 and a key resistance
  • RES 1: 1.1017 High Nov 29 and the bull trigger
  • PRICE: 1.0909 @ 05:49 GMT Dec 1
  • SUP 1: 1.0852/0766 Low Nov 22 / 50-day EMA
  • SUP 2: 1.0756 High Nov 5 and a recent breakout level
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD remains bullish and the pullback from Wednesday’s high is likely a correction. Note that the trend condition is overbought and a move lower is allowing this set-up to unwind. Initial support to watch is 1.0852, the Nov 22 low. This week’s gains resulted in a break of resistance at 1.0965, the Nov 21 high to confirm a resumption of the uptrend. The next objective is 1.1065, the Aug 10 high and a key resistance.

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