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Trading Below Monday’s High

EURUSD TECHS
  • RES 4: 1.0615 High Jun 27
  • RES 3: 1.0559 1.764 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0536 High Nov 24 / Jun 29
  • RES 1: 1.0497 High Nov 28 and the bull trigger
  • PRICE: 1.0354 @ 05:45 GMT Nov 30
  • SUP 1: 1.0297 Low Nov 23
  • SUP 2: 1.0223/0198 Low Nov 21 / High Sep 12
  • SUP 3: 1.0094 High Oct 27 and a key near-term resistance
  • SUP 4: 1.0104 50-day EMA

EURUSD is trading below 1.0497, the Nov 28 high. Monday’s price action and bearish close highlights a possible top. In pattern terms, Monday is a shooting star candle - a reversal signal. An extension lower would expose key support at 1.0223, Nov 21 low. Clearance of this level would confirm a short-term reversal and signal scope for a deeper pullback. For bulls, a break of 1.0497, the Nov 28 high, is required to resume recent bullish price action.

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