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Short-Term Uptrend Extends

EURUSD TECHS
  • RES 4: 1.0945 High Aug 30 and a key resistance
  • RES 3: 1.0882 High Sep 1
  • RES 2: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0809 High Sep 4
  • PRICE: 1.0782 @ 13:38 GMT Nov 14
  • SUP 1: 1.0662 50- day EMA
  • SUP 2: 1.0644 20-day EMA
  • SUP 3: 1.0517/0496 Low Nov 1/ 13
  • SUP 4: 1.0448 Low Oct 03 and the bear trigger

EURUSD is trading higher following today’s CPI release. The break higher reinforces the current bullish technical picture and price has breached resistance at 1.0756, the Nov 6 high. This confirms a resumption of the short-term uptrend and note that 1.0764 has also been cleared - 38.2% of the Jul 18 - Oct 3 bear leg. This opens 1.0809 next, the Sep 4 high and 1.0862, the 50.0% retracement point. Initial firm support at 1.0644, the 20-day EMA.

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