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Shallow Correction

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0756 High Nov 6
  • PRICE: 1.0671 @ 16:23 GMT Nov 10
  • SUP 1: 1.0659 50- day EMA
  • SUP 2: 1.0633 20-day EMA
  • SUP 3: 1.0517/0496 Low Nov 1/ 13
  • SUP 4: 1.0448 Low Oct 03 and the bear trigger

A bullish theme in EURUSD remains intact and this week’s pullback appears to be a shallow correction. The recent breach of key short-term resistance at 1.0694, the Oct 24 high, strengthens a bullish case and signals scope for a stronger short-term correction. This has opened 1.0764, a Fibonacci retracement. Firm support is at 1.0517, the Nov 1 low, a break would be bearish. Initial support is 1.0659, the 50-day EMA.

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