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Bulls Pause For Breath

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 Sep 1 - 25 sell-off
  • RES 2: 1.1859 61.8% retracement of the Sep 1 - 25 sell-off
  • RES 1: 1.1831 High Oct 10 and the intraday bull trigger
  • PRICE: 1.1791 @ 10:25 BST Oct 13
  • SUP 1: 1.1756/25 Low Oct 9 / Low Oct 7 and key near-term support
  • SUP 2: 1.1685 Low Sep 30
  • SUP 3: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 4: 1.1576 100-dma

EURUSD is unchanged and bulls have paused for breath. The outlook remains bullish. The pair traded higher Friday, pushing through resistance at 1.1808, Oct 6 high. The breach reinforces S/T bullish conditions and confirms the clear break of trendline resistance drawn off the Sep 1 high. Price moved through the trendline on Oct 5. Further gains would open 1.1859 next, 61.8% of the Sep 1 - 25 sell-off. 1.1725 marks the key near-term support.

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