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Bearish Following Trendline Break

EURO-DOLLAR TECHS
  • RES 4: 1.1881 High Oct 21 and the bull trigger
  • RES 3: 1.1839 High Oct 27
  • RES 2: 1.1798 High Oct 28
  • RES 1: 1.1759 High Oct 29
  • PRICE: 1.1671 @ 17:11 GMT Oct 30
  • SUP 1: 1.1642 Low Oct 30
  • SUP 2: 1.1612 Low Sep 25 and the bear trigger
  • SUP 3: 1.1576 0.764 proj of Sep 1 - 25 sell-off from Oct 21 high
  • SUP 4: 1.1541 Low Jul 23

EURUSD maintains a bearish tone following the sell-off in the second half of the week that confirmed a clear breach of short-term trendline support drawn off the Sep 28 low. The clear break, confirmed by a move below Wednesday's low of 1.1718 as well as key support at 1.1689, Oct 15 low strengthens the bearish case. This opens 1.1612, Sep 25 low and the primary bear trigger. Initial resistance is at 1.1759, Thursday's intraday high.

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