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Pullback Likely A Correction

EURUSD TECHS
  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 2: 1.1065 High Aug 10 and a key resistance
  • RES 1: 1.1017 High Nov 29
  • PRICE: 1.0906 @ 16:22 GMT Nov 30
  • SUP 1: 1.0852/0756 Low Nov 22 / High Nov 5, recent breakout level
  • SUP 2: 1.0752 50-day EMA
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD remains bullish and the pullback from yesterday’s high is likely a correction. Note that the trend condition is overbought and a corrective pullback would allow this set-up to unwind. Initial support to watch is 1.0852, the Nov 22 low. This week’s gains have resulted in a break of resistance at the 1.1000 handle and fresh multi-month highs. The next objective is 1.1065, the Aug 10 high and a key resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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