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Slips Off High, But Uptrend Intact

EURUSD TECHS
  • RES 4: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005 High Aug 11 and 2.0% 10-dma envelope
  • RES 1: 1.0965 High Nov 21
  • PRICE: 1.0927 @ 16:22 GMT Nov 21
  • SUP 1: 1.0825/0756 Low Nov 17 / High Nov 5, recent breakout level
  • SUP 2: 1.0656 Low Nov 10 and key short-term support
  • SUP 3: 1.0568 Low Nov 2
  • SUP 4: 1.0517/0496 Low Nov 1/ 13

A bullish theme in EURUSD remains intact despite the pullback from the Tuesday high. Recent strong gains reinforce the current positive technical picture and the focus is on 1.1005, the Aug 11 high and 1.1065, the Aug 10 high and a key resistance. Moving average studies have crossed and are currently in a bull-mode position, highlighting positive market sentiment. The 14-day RSI has spilled over 70, flagging a technically overbought condition in the pair, which could explain the fade off Tuesday highs. Support lies at 1.0825, the Nov 17 low.

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