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Path Of Least Resistance Remains Down

  • RES 4: 1.1755 High Sep 22
  • RES 3: 1.1610/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1374/1409 High Nov 18 / 20-day EMA
  • PRICE: 1.1214 @ 06:03 GMT Nov 25
  • SUP 1: 1.1185 Low Jul 1, 2020
  • SUP 2: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1040 76.4% retracement of the Mar '20 - Jan '21 uptrend
  • SUP 4: 1.0976 2.00 proj of the Jan 6 - Mar 31 - May 25 price swing

EURUSD trend condition remains bearish and the pair weakened again yesterday. The move lower continues to cement the downtrend and extend the bearish sequence of lower lows and lower highs. The objective of 1.1222, a Fibonacci projection, has been met. The focus is on 1.1185 next, Jul 1 2020 low. Initial resistance is at 1.1374, Nov 18 high with the 20-day EMA at 1.1409. A break of 1.1374 is required to ease bearish pressure.

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