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Corrective Pullback

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 1.0094 High Oct 27
  • PRICE: 0.9960 @ 15:30 BST Oct 28
  • SUP 1: 0.9923 50-day EMA
  • SUP 2: 0.9848 Former channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD traded lower again Friday before stabilising ahead of the close. The outlook remains bullish and short-term pullbacks are considered corrective. The recent key technical development has been the breach of top of the bear channel drawn from the Feb 10 high. The confirmed channel breakout highlights a stronger reversal and signals scope for an extension higher. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9848, the former bear channel resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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