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Bear Cycle Extension

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9945/9999 Bear channel top from Feb 10 high / High Oct 4
  • RES 1: 0.9815 20-day EMA
  • PRICE: 0.9665 @ 14:01 BST Oct 13
  • SUP 1: 0.9633 Intraday low
  • SUP 2: 0.9536 Low Sep 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9407 Bear channel base drawn from the Feb 10 high

EURUSD has traded to a fresh weekly low. The pair remains in a bear cycle inside its bear channel. Last week’s reversal from 0.9999 marked a failure at the top of the channel and with moving average tools pointing south, indications are that price is likely to extend lower. The focus is on 0.9536, the Sep 28 low. 0.9999 is the key resistance. Note that the channel top is just below 0.9999, at 0.9945 and this level also represents a key hurdle for bulls.

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