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Pullback Considered Corrective

EURUSD TECHS
  • RES 4: 1.0851 High Apr 25
  • RES 3: 1.0787 High May 30 and a key resistance
  • RES 2: 1.0769/74 2.0% 10-dma envelope / High Jun 9
  • RES 1: 1.0736 2.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • PRICE: 1.0604 @ 19:00 GMT Dec 16
  • SUP 1: 1.0528/0443 Low Dec 13 / 7 and a key short-term support
  • SUP 2: 1.0465/0291 20-day EMA / Low Nov 30
  • SUP 3: 1.0243 50-day EMA
  • SUP 4: 1.0223 Low Nov 21

EURUSD traded higher last Thursday, extending recent gains, before pulling back. The break higher last week confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, a Fibonacci projection. On the downside, key short-term support has been defined at 1.0443, Dec 7 low, where a break would signal a short-term top. Initial support lies at 1.0528, the Dec 13 low.

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