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Bullish Trend Structure Remains Intact

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep and key resistance
  • RES 3: 1.1917 Sep 10 high / 76.4% of the Sep 1 - 25 sell-off
  • RES 2: 1.1904 1.0% 10-dma envelope
  • RES 1: 1.1881 High Oct 21 and the bull trigger
  • PRICE: 1.1834 @ 16:19 GMT Oct 27
  • SUP 1: 1.1787/60 Low Oct 23 / Oct 20
  • SUP 2: 1.1749 50-day EMA
  • SUP 3: 1.1735 Trendline support drawn off the Sep 28 low
  • SUP 4: 1.1689 Low Oct 15 and a key support

EURUSD is still trading below last week's high of 1.1881. Despite the recent shallow pullback, the outlook remains positive and the move lower is considered corrective. The recent breach of 1.1831, Oct 9 high reinforced the current bullish price structure and signals scope for 1.1917 next, a retracement level with the major resistance and hurdle for bulls at 1.2011, Sep 1 high. Key short-term trendline support is at 1.1735.

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