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FED

Reverse Repo Operation

FOREX

US Outperformance Keeps Sending EURUSD Lower

US TSY FUTURES

New Bond Highs

EURGBP TECHS

Remains Vulnerable

PIPELINE

$4B Citgroup 3Pt Launched, IBRD Priced Earlier

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  • RES 4: 1.2739 High Oct 1
  • RES 3: 1.2648 High Oct 6
  • RES 2: 1.2587 50-day EMA
  • RES 1: 1.2499 High Oct 12
  • PRICE: 1.2423 @ 06:52 BST Oct 14
  • SUP 1: 1.2422 Jul 30 low and a key support
  • SUP 2: 1.2367 61.8% retracement of the Jun - Aug rally
  • SUP 3: 1.2303 Low Jul 6
  • SUP 4: 1.2253 Low Jun 23

The USDCAD bear cycle that started Sep 20 remains in place and the pair is weaker again today. The recent break of 1.2494, Sep 3 low signals scope for a deeper pullback and has opened 1.2422, the Jul 30 low. Clearance of this support would strengthen the case for bears, exposing 1.2367, a Fibonacci projection. On the upside, a breach of 1.2775, Sep 29 high would represent a bullish development. Initial firm resistance is at 1.2587, the 50-day EMA.