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EURUSD TECHS: Trend Needle Points South

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0937 High Nov 5 / 6 and a key resistance  
  • RES 3: 1.0825 High Nov 7 
  • RES 2: 1.0637 50-day EMA
  • RES 1: 1.0509/0630 20-day EMA / High Dec 06
  • PRICE: 1.0432 @ 16:49 GMT Dec 20
  • SUP 1: 1.0344 Low Dec 19
  • SUP 2: 1.0335 Low Nov 22 and the bear trigger
  • SUP 3: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

EURUSD improved off lows, having traded sharply lower Wednesday to reinforce a bearish theme. The pair is trading just above the week’s lows into the Friday close, which paves the way for a move towards key support at 1.0335, the Nov 22 low and bear trigger. A break of this level would confirm a resumption of downtrend and open 1.0311, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0509, the 20-day EMA.    

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  • RES 4: 1.0937 High Nov 5 / 6 and a key resistance  
  • RES 3: 1.0825 High Nov 7 
  • RES 2: 1.0637 50-day EMA
  • RES 1: 1.0509/0630 20-day EMA / High Dec 06
  • PRICE: 1.0432 @ 16:49 GMT Dec 20
  • SUP 1: 1.0344 Low Dec 19
  • SUP 2: 1.0335 Low Nov 22 and the bear trigger
  • SUP 3: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing 
  • SUP 4: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

EURUSD improved off lows, having traded sharply lower Wednesday to reinforce a bearish theme. The pair is trading just above the week’s lows into the Friday close, which paves the way for a move towards key support at 1.0335, the Nov 22 low and bear trigger. A break of this level would confirm a resumption of downtrend and open 1.0311, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0509, the 20-day EMA.