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Still Range Bound

EURUSD TECHS
  • RES 4: 1.1544 Bear channel top from Jun 1 high
  • RES 3: 1.1514 Low Nov 5
  • RES 2: 1.1429 50-day EMA
  • RES 1: 1.1355/83 High Aug 8 / High Nov 30
  • PRICE: 1.1286 @ 05:58 GMT Dec 16
  • 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 lower yesterday but rebounded from session lows. The pair remains in a range and below 1.1383, Nov 30 high. A break of this resistance would signal potential for a stronger recovery towards 1.1429, the 50-day EMA. The recent consolidation is a triangle formation. This is a continuation pattern and reinforces the current bear trend. The trigger for a resumption of the trend is 1.1186/85 and would open 1.1128, a Fibonacci projection.

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