LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)

• RES 4: 1.1728 High Oct 17
• RES 3: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg  
• RES 2: 1.1656 High Nov 13 and key resistance
• RES 1: 1.1574/1609 20- and 50-day EMA EMA values
• PRICE: 1.1526 @ 06:03 GMT Nov 24
• SUP 1: 1.1491/1469 Low Nov 21 / 5 and the bear trigger 
• SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
• SUP 3: 1.1392 Low Aug 1 and bear trigger 
• SUP 4: 1.1313 Low May 30

The short-term trend structure in EURUSD remains bearish and the pair continues to trade below resistance at 1.1656, the Nov 13 high and a key short-term reversal trigger. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on key support at 1.1469, the Nov 5 low and a bear trigger. Clearance of this support would strengthen a bearish theme.

• RES 4: 130.07 High Oct 24   
• RES 3: 129.73 High Oct 28
• RES 2: 129.40 High Nov 13 
• RES 1: 129.04 50-day EMA        
• PRICE: 128.83 @ 05:35 GMT Nov 24 
• SUP 1: 128.37 Low Nov 20 and the short-term bear trigger      
• SUP 2: 128.25 Low Oct 7
• SUP 3: 127.88 Low Sep 25 and key support
• SUP 4: 127.61 Low Sep 3 and a key M/T support

A rally in Bund futures on Friday appears to be a correction - for now. Price remains below an important resistance around the 50-day EMA, at 129.04. A clear break of the EMA is required to signal a potential reversal. Recent weakness has resulted in a print below support at 128.52, 76.4% of the Sep 25 - Oct 17 bull leg. A resumption of the bear leg would open 128.25, the Oct 7 low. 

US President Trump has posted via Truth Social, talking up the likely revenue impulse from tariffs and adding that he looks forward to the Supreme Court's ruling on tariffs. He notes that the full benefit from the tariffs has not yet been realized, as buyers of goods stocked up with higher inventory levels (in order to avoid paying tariff rates). However, Trump asserts that the heavy inventory period is now wearing thin and soon tariff related revenues will surge. His full post is outlined below: 

• "Despite the massive amount of money being made by the United States of America, Hundreds of Billions of Dollars, as a direct result of Tariffs being charged to other countries, the full benefit of the Tariffs has not yet been calculated in that many of the buyers of goods and products, in order to avoid paying the Tariffs in the short term, “STOCK UP” by purchasing far more inventory than they can use in order to avoid Tariff payments in the short term. That heavy inventory purchase is now, however, wearing thin, and soon Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET, over and above the already historic levels of dollars received. These payments will be RECORD SETTING, and put our Nation on a new and unprecedented course. We are already the “hottest” Country anywhere in the World, but this Tariff POWER will bring America National Security and Wealth the likes of which has never been seen before. Those opposing us are serving hostile foreign interests that are not aligned with the success, safety and prosperity of the USA. They couldn’t care less about us. I look so much forward to the United States Supreme Court’s decision on this urgent and time sensitive matter so that we can continue, in an uninterrupted manner to, MAKE AMERICA GREAT AGAIN! Thank you for your attention to this matter! President" via Truth Social.