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Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.17155 / High Sep 22
  • RES 2: 1.1671/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 1: 1.1617 High Nov 4
  • PRICE: 1.1602 @ 05:56 GMT Nov 9
  • SUP 1: 1.1514 Low Nov 5
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1331 Bear channel base drawn from the Jun 1 high

EURUSD remains above Friday's low of 1.1514. Short-term gains are considered corrective and the underlying trend remains bearish. Last week's print below 1.1524, Oct 12 low highlights a resumption of the downtrend and maintains the downward price sequence within the bear channel drawn from the Jun 1 high. The focus is on 1.1493 next, a Fibonacci retracement level. 1.1617, Nov 4 high marks initial resistance.

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