Corrective Bounce

• RES 4: 1.1917 High Sep 10
• RES 3: 1.1872 High Sep 21
• RES 2: 1.1802 Trendline resistance drawn off the Sep 1 high
• RES 1: 1.1760 20-day EMA
• PRICE: 1.1735 @ 16:51 BST Sep 30
• SUP 1: 1.1612/1581 Low Sep 25 / Low Jul 24
• SUP 2: 1.1497 100-dma
• SUP 3: 1.1486 38.2% retracement of the Mar - Sep rally
• SUP 4: 1.1422 High Jun 10

EURUSD traded higher Tuesday in a move that is considered a correction before sitting slightly softer Wednesday. A bearish theme remains intact. This follows recent weakness, that saw the 50-day EMA and support at 1.1738, Sep 17 low cleared. Furthermore, a recent trendline break drawn off the May 14 low and a head and shoulders reversal confirmation highlight bearish sentiment. The focus is on 1.1581. The 20-day EMA at 1.1760 is the next resistance.