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EURUSD TECHS

Rallies Off Tuesday Low

FOREX

Greenback Under Pressure As Aussie Extends Gains

US TSYS/SUPPLY

10Y WI

US EURODLR FUTURES

BLOCKs, Green Packs

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  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.1731/55 Bear channel from Jun 1 high / High Sep 22
  • RES 2: 1.1696 50-day EMA
  • RES 1: 1.1669 High Oct 19
  • PRICE: 1.1628 @ 06:09 BST Oct 22
  • SUP 1: 1.1572/24 Low Oct 18 / Low Oct 12 and the bear trigger
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1396 Bear channel base drawn from the Jun 1 high

EURUSD is consolidating. Price action this week resulted in a break of the 20-day EMA and this suggests scope for a stronger short-term corrective bounce towards the 50-day EMA at 1.1696. Note there is a key resistance at 1.1731, the top of a bear channel drawn from the Jun 1 high. Broader trend conditions remain bearish and short-term gains are considered corrective. Key support and the bear trigger is 1.1524.