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Rally Exposes 1.1881

EURO-DOLLAR TECHS
  • RES 4: 1.2000 High Sep 1 and major resistance
  • RES 3: 1.1917 High Sep 10
  • RES 2: 1.1881 High Oct 21 and the bull trigger
  • RES 1: 1.1860 High Oct 27
  • PRICE: 1.1819 @ 05:43 GMT Nov 6
  • SUP 1: 1.1711 Low Nov 5
  • SUP 2: 1.1603 Low Nov 4 and the bear trigger
  • SUP 3: 1.1576 0.764 proj of Sep 1 - 25 sell-off from Oct 21 high
  • SUP 4: 1.1541 Low Jul 23

EURUSD has traded higher Thursday clearing initial resistance at 1.1770, Nov 4 high and extending the recovery off Wednesday's 1.1603 low. The break higher reinforces this week's bullish developments and signals scope for a climb towards 1.1881, Oct 21 high. A break of this level would open 1.2011, The Sep 1 high. On the downside, key support has been defined at 1.1603. A break is required to reinstate a bearish threat.

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