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Bear Threat Remains Present

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0694/0737 High Oct 24 / High Sep 20
  • PRICE: 1.0564 @ 16:58 GMT Oct 31
  • SUP 1: 1.0524/0496 Low Oct 26 / 13
  • SUP 2: 1.0448 Low Oct 03 and the bear trigger
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0374 2.0% 10-dma envelope

EURUSD short-term gains were confirmed corrective Tuesday as the pair faded to continue to trade below 1.0694, the Oct 24 high. The sell-off last week reinforces a bearish theme and suggests that the recent Oct 3 - 24 correction is over. Note too that the Oct 24 price pattern is a bearish engulfing candle - a reversal signal. A sell-off would open 1.0496, Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. 1.0694 is key resistance.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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