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EURUSD TECHS: Southbound

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1040 High Oct 4    
  • RES 3: 1.0997 High Oct 8   
  • RES 2: 1.0937 High Nov 5 and key short-term resistance 
  • RES 1: 1.0761/0831 Low Oct 23 / 20-day EMA   
  • PRICE: 1.0613 @ 10:33 GMT Nov 12
  • SUP 1: 1.0611 38.2% retracement of the Sep ‘22 - Jul ‘23 bull cycle
  • SUP 2: 1.0568 Low Nov 2 2023
  • SUP 3: 1.0517 Low Nov 1 2023
  • SUP 4: 1.0448 Low Sep 3 2023 and a key support     

EURUSD remains in a clear downtrend and Monday’s bearish start to the week plus today’s move lower, reinforces the current trend condition. Last week, the Nov 6 sell-off highlighted a resumption of the downtrend. The move down marked a breach of 1.0761, the Oct 23 low. Sights are on 1.0611, a Fibonacci retracement. Key resistance has been defined at 1.0937, the Nov 5 and 6 high. Initial firm resistance is at 1.0831, the 20-day EMA.

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  • RES 4: 1.1040 High Oct 4    
  • RES 3: 1.0997 High Oct 8   
  • RES 2: 1.0937 High Nov 5 and key short-term resistance 
  • RES 1: 1.0761/0831 Low Oct 23 / 20-day EMA   
  • PRICE: 1.0613 @ 10:33 GMT Nov 12
  • SUP 1: 1.0611 38.2% retracement of the Sep ‘22 - Jul ‘23 bull cycle
  • SUP 2: 1.0568 Low Nov 2 2023
  • SUP 3: 1.0517 Low Nov 1 2023
  • SUP 4: 1.0448 Low Sep 3 2023 and a key support     

EURUSD remains in a clear downtrend and Monday’s bearish start to the week plus today’s move lower, reinforces the current trend condition. Last week, the Nov 6 sell-off highlighted a resumption of the downtrend. The move down marked a breach of 1.0761, the Oct 23 low. Sights are on 1.0611, a Fibonacci retracement. Key resistance has been defined at 1.0937, the Nov 5 and 6 high. Initial firm resistance is at 1.0831, the 20-day EMA.