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EURUSD: A Return Move To Test Support

  • Last week’s key technical development was the break of the bear channel top drawn from the Feb 10 high - a bullish development.
  • The latest pullback from 1.0094, Oct 27 high, is referred to as a return move and occurs when a key technical break occurs.
  • The channel breakout means that the former resistance (the channel top) has become support.
  • The return move is a retracement that will test the validity of last week’s break - a reversal - and whether the channel top will act as support.
  • If it does and EURUSD recovers, this will reinforce the bullish implications of the channel breakout and strengthen the current bull cycle.
  • The channel top intersects at 0.9821 and represents a key support.
  • A failure to remain above 0.9821 would be a bearish development.
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