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Trading Below Last Week’s Highs

EURUSD TECHS
  • RES 4: 1.0851 High Apr 25
  • RES 3: 1.0787 High May 30 and a key resistance
  • RES 2: 1.0769/74 2.0% 10-dma envelope / High Jun 9
  • RES 1: 1.0736 2.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • PRICE: 1.0601 @ 06:32 GMT Dec 20
  • SUP 1: 1.0528 Low Dec 13
  • SUP 2: 1.0489 20-day EMA
  • SUP 3: 1.0443 Low Dec 7 and a key short-term support
  • SUP 4: 1.0299 50-day EMA

EURUSD remains below last week’s highs. The latest pullback is considered corrective - for now. Last week’s break higher confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, a Fibonacci projection. On the downside, key short-term support to watch is at 1.0443, the Dec 7 low, where a break would signal a short-term top. Initial support lies at 1.0528, the Dec 13 low.

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