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Remains Below Monday’s High

EURUSD TECHS
  • RES 4: 1.00774 High Jun 9
  • RES 3: 1.0736 2.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0668 2.236 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 1: 1.0595/0615 High Dec 5 / High Jun 27
  • PRICE: 1.0466 @ 05:38 GMT Dec 7
  • SUP 1: 1.0394 Low Dec 1
  • SUP 2: 1.0335/0291 20-day EMA / Low Nov 30
  • SUP 3: 1.0223 Low Nov 21
  • SUP 4: 1.0173 50-day EMA

EURUSD remains below Monday’s high print of 1.0595. The trend is up, however, Monday’s price action still highlights a possible bearish threat. The price pattern that day is a shooting star candle pattern - a reversal signal. If correct, it suggests scope for a deeper short-term retracement that would open 1.0335, the 20-day EMA. Clearance of Monday’s high would cancel this threat and resume the uptrend to open 1.0615, the Jun 27 high.

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