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EURUSD TECHS: Corrective Pullback

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1342 2.00 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 3: 1.1276 High Jul 18 2023
  • RES 2: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • RES 1: 1.1144 High Oct 1 
  • PRICE: 1.1060 @ 06:09 BST Oct 2
  • SUP 1: 1.1045 50-day EMA
  • SUP 2: 1.1002 Low Sep 11
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish, however, this week’s move lower highlights scope for a deeper corrective pullback and the pair is trading closer to its latest lows. Attention is on support at the 50-day EMA, at 1.1045. A clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low. For bulls, a resumption of gains would refocus sights on 1.1234, a Fibonacci projection.

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  • RES 4: 1.1342 2.00 proj of the Jun 26 - Jul 17 - Aug 1 price swing
  • RES 3: 1.1276 High Jul 18 2023
  • RES 2: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • RES 1: 1.1144 High Oct 1 
  • PRICE: 1.1060 @ 06:09 BST Oct 2
  • SUP 1: 1.1045 50-day EMA
  • SUP 2: 1.1002 Low Sep 11
  • SUP 3: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

The short-term outlook in EURUSD remains bullish, however, this week’s move lower highlights scope for a deeper corrective pullback and the pair is trading closer to its latest lows. Attention is on support at the 50-day EMA, at 1.1045. A clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low. For bulls, a resumption of gains would refocus sights on 1.1234, a Fibonacci projection.