Corrective Cycle Still In Play

• RES 4: 1.0051 High Sep 20
• RES 3: 1.0004 Bear channel top drawn from the Feb 10 high
• RES 2: 0.9907 High Sep 22
• RES 1: 0.9871 20-day EMA
• PRICE: 0.9787 @ 06:05 BST Oct 3
• SUP 1: 0.9636/9536 Low Sep 29 / 28
• SUP 2: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
• SUP 3: 0.9477 Bear channel base drawn from the Feb 10 high
• SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD is holding on to the bulk of its recent gains and the latest correction remains in play. Gains last week suggest scope for a continuation higher near-term and an extension of the correction. Note too that the bounce from last Wednesday’s low means the channel base, at 0.9477, has provided support. The 20-day EMA, at 0.9865 is first resistance. The channel top intersects at 1.0004. A resumption of weakness would open 0.9536/9477.