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Still Heading North

EURUSD TECHS
  • RES 4: 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 3: 1.2204 2.0% 10-dma envelope
  • RES 2: 1.2184 1.382 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 1: 1.2175 High Dec 3
  • PRICE: 1.2148 @ 17:02 GMT Dec 3
  • SUP 1: 1.2040 Low Dec 2
  • SUP 2: 1.2011 High Sep 1 and recent breakout level
  • SUP 3: 1.1927 Low Dec 1
  • SUP 4: 1.19001 20-day EMA

EURUSD remains bullish. This week's break above the Sep 1 high of 1.2011 confirms a resumption of the uptrend that has dominated since the reversal on Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. With further gains likely, the focus is on 1.2184, a Fibonacci projection. On the downside, initial support is seen at 1.2040 with a firmer level at 1.2011.

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