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Bear Channel Breakout?

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9999 High Oct 4 and a reversal trigger
  • RES 1: 0.9913 50-day EMA
  • PRICE: 0.9882 @ 05:40 BST Oct 25
  • SUP 1: 0.9817 20-day EMA
  • SUP 2: 0.9705/9633 Low Oct 21 / 13
  • SUP 3: 0.9536 Low Sep 28 and key support
  • SUP 4: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD is trading at its recent highs. Price is also trading above a key resistance at 0.9874, the top of the bear channel drawn from the Feb 10 high. A clear channel breakout would highlight an important technical breach and a stronger bullish reversal. This would open 0.9999, the Oct 4 high. On the downside, a failure to hold on to recent gains and remain above the channel top would expose firm support at 0.9705, the Oct 21 low.

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  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9999 High Oct 4 and a reversal trigger
  • RES 1: 0.9913 50-day EMA
  • PRICE: 0.9882 @ 05:40 BST Oct 25
  • SUP 1: 0.9817 20-day EMA
  • SUP 2: 0.9705/9633 Low Oct 21 / 13
  • SUP 3: 0.9536 Low Sep 28 and key support
  • SUP 4: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD is trading at its recent highs. Price is also trading above a key resistance at 0.9874, the top of the bear channel drawn from the Feb 10 high. A clear channel breakout would highlight an important technical breach and a stronger bullish reversal. This would open 0.9999, the Oct 4 high. On the downside, a failure to hold on to recent gains and remain above the channel top would expose firm support at 0.9705, the Oct 21 low.