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Corrective Bounce

EURUSD TECHS
  • RES 4: 1.0781 50-day EMA
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0674 20-day EMA
  • RES 1: 1.0609 High Sep 26
  • PRICE: 1.0580 @ 05:48 BST Sep 29
  • SUP 1: 1.0484 Low Jan 6
  • SUP 2: 1.0411 2.0% 10-dma envelope
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD has recovered from this week’s low. Gains are considered corrective and the trend condition remains bearish. Fresh cycle lows this week maintain the bearish price sequence of lower lows and lower highs and moving average studies are in a bear mode position. A resumption of the trend would open 1.0484 next, the Jan 6 low. Initial firm resistance is at 1.0674, the 20-day EMA. A break would signal the start of a correction.

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