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Watching Support At The 20-Day EMA

  • RES 4: 1.1150 High Jul 27
  • RES 3: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 2: 1.1065 High Aug 10 and a key resistance
  • RES 1: 1.0913/1017 High Dec 1 / High Nov 29 and the bull trigger
  • PRICE: 1.0801 @ 05:57 GMT Dec 6
  • SUP 1: 1.0774 50-day EMA
  • SUP 2: 1.0756 High Nov 5 and a recent breakout level
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD is bullish, however, the pair started the week on a softer note as it extends the pullback from 1.1017 the Nov 17 high. The move down appears to be a correction. Note that the trend condition is overbought and the pullback is allowing this to unwind. Support to watch is 1.0774, the 50-day EMA. A clear break would be bearish. A resumption of gains would refocus attention on the 1.1065 objective, the Aug 10 high.

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