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Rally Extends

EURUSD TECHS
  • RES 4: 1.2293 High Apr 23, 2018
  • RES 3: 1.2259 1.618 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 2: 1.2252 1.0% 10-dma envelope
  • RES 1: 1.2235 Intraday high
  • PRICE: 1.2225 @ 05:49 GMT Dec 17
  • SUP 1: 1.2178 High Dec 4 and a recent breakout level
  • SUP 2: 1.2125 Low Dec 16
  • SUP 3: 1.2059 Low Dec 10 and key support
  • SUP 4: 1.2040 Low Dec 2

EURUSD traded higher Wednesday clearing resistance at 1.2178, Dec 4 high. The pair is firmer again today. The break brings to an end the recent period of consolidation and marks a resumption of the underlying uptrend. With bullish conditions intact, attention turns to the next objective of 1.2259, a Fibonacci projection. Price has remained above key support at 1.2059, Dec 10 low. A break is required to signal a reversal. 1.2178 marks initial support.

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