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Channel Resistance Remains Intact

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9999 High Oct 4 and a reversal trigger
  • RES 1: 0.9910 Bear channel top from Feb 10 high
  • PRICE: 0.9839 @ 05:47 BST Oct 19
  • SUP 1: 0.9711/9633 Low Oct 17 / 13
  • SUP 2: 0.9536 Low Sep 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9371 Bear channel base drawn from the Feb 10 high

EURUSD is trading closer to its recent highs and remains above the 20-day EMA. Attention is on the first key resistance at 0.9910 - the top of the bear channel drawn from the Feb 10 high. A clear break of this hurdle would highlight a channel breakout and a stronger bullish reversal. For now, the trend remains down and recent gains are considered corrective. Key short-term support is at 0.9633, the Oct 13 low.

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