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Recovering From Monday’s Low

EURUSD TECHS
  • RES 4: 1.0615 High Jun 27
  • RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0536 High Jun 29
  • RES 1: 1.0396/0479 High Nov 18 / 15 and the bull trigger
  • PRICE: 1.0326 @ 05:44 GMT Nov 23
  • SUP 1: 1.0198/0152 High Sep 12 / 20-day EMA
  • SUP 2: 1.0094 High Oct 27 and a key near-term resistance
  • SUP 3: 1.0045 50-day EMA
  • SUP 4: 0.9936 Low Nov 11

EURUSD is attempting a recovery from Monday’s low of 1.0223. The recent pullback appears to be a correction as a recent overbought condition in the bull cycle unwinds. The next firm support to watch lies at 1.0198, the Sep 12 high. On the upside, a stronger resumption of gains would refocus attention on 1.0479, the Nov 15 high, where a break would mark the end of the correction and confirm a resumption of recent gains.

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