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Uptrend Falters

EURUSD TECHS
  • RES 4: 1.2293 High Apr 23, 2018
  • RES 3: 1.2243 1.0% 10-dma envelope
  • RES 2: 1.2222 1.500 proj of the Nov 4 - 9 rally from the Nov 11 low
  • RES 1: 1.2212 High Dec 16
  • PRICE: 1.2139 @ 19:28 GMT Dec 16
  • SUP 1: 1.2112 Low Dec 14
  • SUP 2: 1.2059 Low Dec 10
  • SUP 3: 1.2034 20-day EMA
  • SUP 4: 1.2011 High Sep 1 and recent breakout level
EURUSD traded higher Wednesday morning to clear resistance at 1.2178, Dec 4 high. The break higher brings to an end the recent period of consolidation and marks a resumption of the underlying uptrend, although prices faltered into the post-Fed close. Should price trade back above 1.2200, attention turns to the next objective of 1.2222, a Fibonacci projection. Price has remained above key support at 1.2059, Dec 10 low. A break of this level is required to signal a reversal.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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