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Holding Below Recent Highs

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28
  • RES 3: 1.1569 Bear channel top from Jun 1 high
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1383/1.1464 High Nov 30 / High Nov 15
  • PRICE: 1.1290 @ 06:03 GMT Dec 7
  • SUP 1: 1.1236 Low Nov 30
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

EURUSD remains below last week’s high. Recent price action resulted in a test of the 20-day EMA, at 1.1349 today, plus a print above 1.1374, the Nov 18 high. Key short-term resistance has been defined at 1.1383, Nov 30 high where a break would signal scope for a stronger short-term corrective bounce and open 1.1514, Nov 5 high. The broader trend remains bearish though with the bear trigger at 1.1186/85. Moving average studies remain in bear mode.

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