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Testing The 20-Day EMA

EURUSD TECHS
  • RES 4: 1.1755 High Sep 22
  • RES 3: 1.1594/92 Bear channel top from Jun 1 high / High Oct 28
  • RES 2: 1.1514 Low Nov 5
  • RES 1: 1.1383/1.1464 High Nov 30 / High Nov 15
  • PRICE: 1.1339 @ 15:51 GMT Dec 1
  • SUP 1: 1.1236 Low Nov 30
  • 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 in a somewhat volatile manner Tuesday but remains closer to recent highs. Price action this week resulted in a test of the 20-day EMA, at 1.1371 today, plus a print above resistance at 1.1374, the Nov 18 high. This suggests potential scope for an extension of the current corrective phase towards 1.1514, Nov 5 high. The broader trend remains bearish though with the bear trigger at 1.1186/85.

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

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