Sat, Dec 04, 2021 @ 17:40 GMT
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EURUSD – Correction Extends Above 55SMA Barrier But Overall Bias Is Still Bearish

Yesterday’s strong downside rejection that left long-tailed daily candle signals extended consolidation / correction before larger bears resume.

Fresh extension of bounce from 1.0520 low probes above initial barrier at 1.0600 (55SMA), above which would signal stronger correction of 1.0827/1.0520 downleg.

Slow stochastic emerged from o/s territory and supports this scenario.

Good resistances that lay at 1.0641 (Fibo 38.2% of 1.0827/1.0520) and 1.0666 (10/30SMA bear-cross) should limit corrective action.

Upper breakpoint lies at 1.0695 (20SMA), break of which would signal an end of correction from 1.0827 (02 Feb high)

Res: 1.0640, 1.0666, 1.0695, 1.0737
Sup: 1.0600, 1.0559, 1.0520, 1.0454

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