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Corrective Bounce

EURO-DOLLAR TECHS
  • RES 4: 1.1881 High Oct 21 and the bull trigger
  • RES 3: 1.1798 High Oct 28
  • RES 2: 1.1749 20-day EMA
  • RES 1: 1.1704 High Oct 30
  • PRICE: 1.1696 @ 10:27 GMT Nov 3
  • SUP 1: 1.1623 Low Nov 2
  • SUP 2: 1.1612 Low Sep 25 and the bear trigger
  • SUP 3: 1.1576 0.764 proj of Sep 1 - 25 sell-off from Oct 21 high
  • SUP 4: 1.1541 Low Jul 23

EURUSD maintains a bearish outlook with attention on the key support at 1.1612. Today's recovery is considered a correction. Last week's sell-off confirmed a clear breach of the S/T trendline support drawn off the Sep 28 low. The break, confirmed by a move below the Oct 29 low of 1.1718 and 1.1689, Oct 15 low strengthens the bearish case and has opened 1.1612, Sep 25 low and the primary bear trigger. Initial resistance remains 1.1704.

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