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December 6th, 2017, 10:07 am | By forexcycle | Published in Daily Technical | Comments on this postComments Off

EURUSD broke below 1.1809 support, suggesting that the upside movement from 1.1554 had completed at 1.1961 already. Further decline would likely be seen in the coming days and next target would be at 1.1712. A breakdown below this level could take price to next support level at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. Near term resistance is at 1.1880, only a breakout of this level could trigger another rise to test 1.1961 resistance, above this level will confirm that the uptrend from 1.1554 has resumed, then next target would be at 1.2092 (Sep 8 high).

EURUSD 4-hour chart

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