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EURUSD TECHS: Trading Above Last Week’s Low

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0772 50-day EMA  
  • RES 2: 1.0624 20-day EMA
  • RES 1: 1.0580/0610 High Nov 27 / 20     
  • PRICE: 1.0564 @ 16:14 GMT Nov 27
  • SUP 1: 1.0335 Low Nov 22 and the bear trigger   
  • SUP 2: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0201 61.8% retracement of the Sep 28 - Juk 18 bull leg     

A downtrend in EURUSD remains intact, however, the pair continues to trade above last week’s low. The Nov 22 price pattern - a hammer candle - highlights a possible short-term base and if correct, the start of a corrective cycle. The trend is oversold and a recovery would allow this condition to unwind. Firm resistance to watch is 1.0624, the 20-day EMA. For bears, a move through 1.0335, the Nov 22 low would resume the downtrend. 

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  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0772 50-day EMA  
  • RES 2: 1.0624 20-day EMA
  • RES 1: 1.0580/0610 High Nov 27 / 20     
  • PRICE: 1.0564 @ 16:14 GMT Nov 27
  • SUP 1: 1.0335 Low Nov 22 and the bear trigger   
  • SUP 2: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0201 61.8% retracement of the Sep 28 - Juk 18 bull leg     

A downtrend in EURUSD remains intact, however, the pair continues to trade above last week’s low. The Nov 22 price pattern - a hammer candle - highlights a possible short-term base and if correct, the start of a corrective cycle. The trend is oversold and a recovery would allow this condition to unwind. Firm resistance to watch is 1.0624, the 20-day EMA. For bears, a move through 1.0335, the Nov 22 low would resume the downtrend.