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Testing Lower Lows

EURUSD TECHS
  • RES 4: 1.1755 High Sep 22
  • RES 3: 1.1620/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1374/1431 High Nov 18 / 20-day EMA
  • PRICE: 1.1198 @ 16:47 GMT Nov 24
  • SUP 1: 1.1185 Low Jul 1, 2020
  • SUP 2: 1.1128 1.764 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 3: 1.1040 76.4% retracement of the Mar '20 - Jan '21 uptrend
  • SUP 4: 1.0976 2.00 proj of the Jan 6 - Mar 31 - May 25 price swing

EURUSD traded lower again Wednesday. The trend condition remains bearish. The move lower continues to cement the downtrend and price is trading below the base of the bear channel drawn from the Jun 1 high. The objective of 1.1222, a Fibonacci projection, has been met. The focus is on 1.1185 next, Jul 1 2020 low. Initial resistance is at 1.1374, Nov 18 high with the 20-day EMA at 1.1431. A break of 1.1374 would ease bearish pressure.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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