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Bearish Outlook

EURUSD TECHS
  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0687 50-day EMA
  • RES 1: 1.0640 High Oct 12
  • PRICE: 1.0543 @ 15:31 BST Oct 18
  • SUP 1: 1.0496/0448 Low Oct 13 / 03 and the bear trigger
  • SUP 2: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.0349 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD trend conditions remain bearish. The reversal lower from 1.0640, the Oct 12 high, suggests the end of the recent corrective cycle. Attention is on 1.0448, the Oct 3 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 1.0406, a Fibonacci retracement. On the upside, a break of 1.0640, the Oct 12 high, would instead signal scope for a stronger correction.

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