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Bullish Price Action

EURUSD TECHS
  • RES 4: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 3: 1.0198 High Sep 12 and a key resistance
  • RES 2: 1.0094 High Oct 27 and a bull trigger
  • RES 1: 1.0072 High Nov 08
  • PRICE: 1.0061 @ 15:37 GMT Nov 08
  • SUP 1: 0.9883/9730 20-day EMA / Low Nov 3
  • SUP 2: 0.9705 Low Oct 21
  • SUP 3: 0.9633 Low Oct 13 and a key support
  • SUP 4: 0.9536 Low Sep 28 and the bear trigger

EURUSD rebounded Friday and traded higher again Tuesday. This highlights a bullish development and the pair has defined support at 0.9730, the Nov 3 low. Resistance at 0.9976, the Nov 3 high, has been cleared and this signals scope for an extension higher towards key resistance and the bull trigger at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 is required to reinstate a bearish theme.

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