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Bull Cycle Extends

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 1.0007 Bear channel top drawn from the Feb 10 high
  • RES 1: 0.9934 Intraday high
  • PRICE: 0.9926 @ 14:42 BST Oct 4
  • SUP 1: 0.9735 Low Sep 30
  • SUP 2: 0.9636/9536 Low Sep 29 / 28
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9469 Bear channel base drawn from the Feb 10 high

EURUSD maintains a firmer short-term tone and the pair has strengthened today as the correction extends. This suggests scope for a continuation near-term. Note too that the bounce from last Wednesday’s low means the channel base, at 0.9469, has provided support. The 20-day EMA, at 0.9861 has been breached and the move higher opens the channel top at 1.0007 - a key resistance. Initial support lies at 0.9735, the Sep 30 low.

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