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Attention Turns To Trendline Support

EURO-DOLLAR TECHS
  • RES 4: 1.1917 Sep 10 high / 76.4% of the Sep 1 - 25 sell-off
  • RES 3: 1.1909 1.0% 10-dma envelope
  • RES 2: 1.1881 High Oct 21 and the bull trigger
  • RES 1: 1.1839 High Oct 27
  • PRICE: 1.1782 @ 05:49 GMT Oct 28
  • SUP 1: 1.1770 Intraday low
  • SUP 2: 1.1751 50-day EMA
  • SUP 3: 1.1740 Trendline support drawn off the Sep 28 low
  • SUP 4: 1.1689 Low Oct 15 and a key support

EURUSD is still trading below last week's high of 1.1881 and has again extended the pullback from this level, with price lower overnight. Attention turns to the key near-term trendline support drawn off the Sep 28 low that today intersects at 1.1740. While the trendline holds, the uptrend since 1.1612, Sep 25 low remains intact. A break would undermine the bullish tone and expose 1.1689, Oct 15 low. The near-term bull trigger is at 1.1911.

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