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Bullish Following Bear Channel Breakout

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 1.0094 High Oct 27
  • PRICE: 0.9982 @ 16:08 BST Oct 31
  • SUP 1: 0.9925 50-day EMA
  • SUP 2: 0.9839 Former channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD trend conditions remain bullish despite the pullback to begin this week. The recent key technical development was the break of the top of the bear channel drawn from the Feb 10 high. The channel breakout highlights a stronger reversal and note that the pair has cleared the 20- and 50-day EMAs. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9839, the former bear channel resistance.

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  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 1.0094 High Oct 27
  • PRICE: 0.9982 @ 16:08 BST Oct 31
  • SUP 1: 0.9925 50-day EMA
  • SUP 2: 0.9839 Former channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD trend conditions remain bullish despite the pullback to begin this week. The recent key technical development was the break of the top of the bear channel drawn from the Feb 10 high. The channel breakout highlights a stronger reversal and note that the pair has cleared the 20- and 50-day EMAs. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9839, the former bear channel resistance.