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  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.1721/55 Bear channel from Jun 1 high / High Sep 22
  • RES 2: 1.1691 50-day EMA
  • RES 1: 1.1669 High Oct 19
  • PRICE: 1.1594 @ 16:17 BST Oct 26
  • 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: 1.1386 Bear channel base drawn from the Jun 1 high

EURUSD traded lower Monday and re-tested the lows ahead of the Tuesday close. A consolidative tone continues to dominate though and recent price action action appears to be a bull flag. If correct, the pattern signals scope for an extension higher with the focus on the 50-day EMA at 1.1691. Note there is a key resistance at 1.1721, the top of a bear channel drawn from the Jun 1 high. Broader trend conditions remain bearish and recent gains are considered corrective. Key support is 1.1524.