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Pullback Considered Corrective

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0756 High Nov 6
  • PRICE: 1.0686 @ 05:46 GMT Nov 8
  • SUP 1: 1.0657 50- day EMA
  • SUP 2: 1.0621 20-day EMA
  • SUP 3: 1.0517/0496 Low Nov 1/ 13
  • SUP 4: 1.0448 Low Oct 03 and the bear trigger

The current bullish condition in EURUSD remains intact and this week’s pullback is considered corrective. Last week’s rally resulted in a break of key short-term resistance at 1.0694, the Oct 24 high. This strengthens a bullish case and signals scope for a stronger short-term correction. Attention is on 1.0764, a Fibonacci retracement. Firm support is at 1.0517, the Nov 1 low, a break would be bearish. Initial support is 1.0657, the 50-day EMA.

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