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Bear Trend Extension

EURUSD TECHS
  • RES 4: 1.0761 50-day EMA
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0674 High Sep 21
  • RES 1: 1.0647 20-day EMA
  • PRICE: 1.0465 @ 05:45 BST Oct 3
  • SUP 1: 1.0460 Intraday low
  • SUP 2: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.0382 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD has traded to a fresh trend low, confirming a resumption of the downtrend. The move lower maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear mode position. The break lower signals scope for a move towards 1.0406 next, a Fibonacci retracement point. Initial firm resistance is at 1.0647, the 20-day EMA. A break would signal the start of a correction.

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