Collin, yes there is an announcement made to deprecate EWS Basic auth (it was made quite some time earlier too) and move to modern auth/oAuth too - it will work for you. Also you know that no new investments are going to be made in EWS, so you wont get any new features. So keeping in that mind, you can use EWS modern auth/oAuth for a while, but i would recommend you to create plan to move to Microsoft Graph API - so that you can interact with all the existing features in EWS and connect with entire Microsoft Graph ecosystem's product/solutions as well.
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