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Still In Consolidation Mode

EURUSD TECHS
  • RES 4: 1.1513 Bear channel top from Jun 1 high
  • RES 3: 1.1514 Low Nov 5
  • RES 2: 1.1407 50-day EMA
  • RES 1: 1.1360/83 High Dec 16 / High Nov 30
  • PRICE: 1.1327 @ 19:34 GMT Dec 22
  • SUP 1: 1.1222 Low Dec 15
  • SUP 2: 1.1186/85 Low Nov 24 / Low Jul 1, 2020
  • SUP 3: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1040 76.4% retracement of the Mar ‘20 - Jan ‘21 uptrend

EURUSD traded higher Wednesday. Price action remains in a range though and is holding above initial support at 1.1222, the Dec 15 low. Key resistance at 1.1383 is also intact, Nov 30 high. A break of this hurdle is required to signal potential for a stronger recovery towards 1.1407 the 50-day EMA. The trend remains down though and the trigger for a resumption of bearish activity is 1.1186/85 where a break would open 1.1128, a Fibonacci projection.

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