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Testing Support At The 50-Day EMA

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: 1.0913/1017 High Dec 1 / High Nov 29 and the bull trigger
  • RES 1: 1.0837 20-day EMA
  • PRICE: 1.0785 @ 05:53 GMT Dec 8
  • SUP 1: 1.0755/33 Low Dec 7 / 50.0% of the Oct 3 - Nov 29 rally
  • SUP 2: 1.0693 Low Nov 14
  • SUP 3: 1.0665 61.8% retracement of the Oct 3 - Nov 29 rally
  • SUP 4: 1.0582 76.4% retracement of the Oct 3 - Nov 29 rally

EURUSD maintains a softer tone following this week’s extension lower. Price has pierced support at the 50-day EMA - at 1.0774. A clear break of this average would strengthen the current bearish theme and open 1.0733 next, a Fibonacci retracement, ahead of 1.0693, the Nov 14 low. On the upside, a strong reversal higher is required to refocus attention on key resistance and the bull trigger at 1.1017.

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