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Bear Channel Breakout?

EURUSD TECHS
  • RES 4: 1.0268 High Aug 15
  • RES 3: 1.0198 High Sep 12 and a key resistance
  • RES 2: 1.0051 High Sep 20
  • RES 1: 1.0027 High Oct 26
  • PRICE: 1.0022 @ 08:45 BST Oct 26
  • 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 extending gains early Wednesday, topping the reversal trigger and key resistance at October 4th’s 0.9999. This week’s price action is potentially significant. The pair is trading above an important resistance level at 0.9874 - the top of the bear channel drawn from the Feb 10 high. A clear break of this level would highlight a channel breakout and a stronger bullish reversal. The focus turns to 1.0051, the Sep 20 high. Initial key support is at 0.9705.

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