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Bull Trigger Hit

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep 1 and major resistance
  • RES 3: 1.1917 High Sep 10 and 76.4% of the Oct 1 - 25 sell-off
  • RES 2: 1.1872 High Sep 21
  • RES 1: 1.1824 High Oct 9
  • PRICE: 1.1817 @ 16:28 BST Oct 9
  • SUP 1: 1.1685 Low Sep 30 and key near-term support
  • SUP 2: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 3: 1.1550 100-dma
  • SUP 4: 1.1486 38.2% retracement of the Mar - Sep rally

EURUSD traded higher Friday, pushing through initial resistance at 1.1808, the Tuesday high. A clear break and close above would reinforce short-term bullish conditions following a period of consolidation and also confirm a clear breach of trendline resistance drawn off the Sep 1 high. The trendline was breached on Oct 5. Gains would open 1.1859 next, 61.8% retracement of the Sep 1 - 25 sell-off. 1.1725 marks the key near-term support.

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