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Remains Below Last Week’s Highs

EURUSD TECHS
  • RES 4: 1.1559 Bear channel top from Jun 1 high
  • RES 3: 1.1514 Low Nov 5
  • RES 2: 1.1460 50-day EMA
  • RES 1: 1.1383 High Nov 30
  • PRICE: 1.1329 @ 06:03 GMT Dec 9
  • SUP 1: 1.1228 Low Dec 07
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

EURUSD has recovered from recent lows but remains below last week’s high. Key short-term resistance is unchanged at 1.1383, Nov 30 high. A break would signal scope for a stronger corrective bounce and open 1.1460, the 50-day EMA. The broader trend direction remains down though with the bear trigger at 1.1186/85. A break of this support would confirm a resumption of the downtrend.

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