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Whipsaw Price Action

EURUSD TECHS
  • RES 4: 1.2084 High May 1. 2018
  • RES 3: 1.2011 High Sep 1 and 3% Upper Bollinger Band
  • RES 2: 1.1920 High Nov 9 and the bull trigger
  • RES 1: 1.1906 High Nov 23
  • PRICE: 1.1850 @ 05:44 GMT Nov 24
  • SUP 1: 1.1800 Low Nov 23
  • SUP 2: 1.1746 Low Nov 11 and key near-term support
  • SUP 3: 1.1711 Low Nov 5
  • SUP 4: 1.1678 76.4% retracement of the Nov 4 - 9 rally

EURUSD whipsaw price action dominated Monday, with the pair rallying to 1.1906 before swiftly reversing to touch lows of 1.1800. This price action undermines the bullish outlook however it also reinforces the importance of the bull trigger at 1.1920, Nov 9 high. A breach of this level would expose the 1.2000 handle once again, The key support remains 1.1746, Nov 11 low. A break would reverse the trend direction and expose 1.1711 initially.

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