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Remains Vulnerable

EURUSD TECHS
  • RES 4: 1.17155 / High Sep 22
  • RES 3: 1.1630/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514/1608 Low Nov 5 / High Nov 9
  • RES 1: 1.1386 High Nov 16
  • PRICE: 1.1354 @ 06:09 GMT Nov 19
  • SUP 1: 1.1264 Low Nov 17
  • SUP 2: 1.1222 1.618 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1185 Low Jul 1, 2020
  • SUP 4: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing

EURUSD remains above its recent low. This week's sell-off resulted in a print below the 1.1300 handle and the base of a bear channel drawn from the Jun 1 high. A clear breach of this area would strengthen bearish conditions with the next objective at 1.1222, a Fibonacci retracement. Any near-term base building however would suggest a possible reversal from the channel base. Initial resistance is at 1.1386, Tuesday's high.

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