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Holding Above Trendline Support

EURUSD TECHS
  • RES 4: 1.2353 High Apr 20
  • RES 3: 1.2328 3.0% Upper Bollinger Band
  • RES 2: 1.2293/05 High Apr 23, 2018 / 1.764 of Nov 4 - 9 - 11 swing
  • RES 1: 1.2273 High Dec 17 and the bull trigger
  • PRICE: 1.2238 @ 06:01 GMT Dec 29
  • SUP 1: 1.2194/30 Trendline support drawn off the Nov 4 low
  • SUP 2: 1.2138/30 20-day EMA / Low Dec 21
  • SUP 3: 1.2059 Low Dec 10 and key support
  • SUP 4: 1.2040 Low Dec 2

EURUSD underlying bullish conditions remain intact. However, the daily trend condition is overbought and this does suggest the pair is due a correction. Key near-term support lies at 1.2130, Dec 21 low. Note, the 20-day EMA intersects at 1.2138 and trendline support drawn off the Nov 4 low is at 1.2194. A break of the 1.2194/30 support zone would signal scope for a deeper sell-off. On the upside, 1.2273 is the bull trigger.

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