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EURUSD TECHS: Double Top Reversal

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: 1.1098/1144 20-day EMA / High Oct 1 
  • PRICE: 1.0983 @ 13:38 BST Oct 4
  • SUP 1: 1.0966 Intraday low 
  • SUP 2: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0909 Low Aug 9 
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

EURUSD has traded lower following today’s NFP release. This has resulted in a move through support at 1.1002, the Sep 11 low and what appears to be the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0940, a Fibonacci retracement point. Initial resistance is at 1.1098, the 20-day EMA.

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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: 1.1098/1144 20-day EMA / High Oct 1 
  • PRICE: 1.0983 @ 13:38 BST Oct 4
  • SUP 1: 1.0966 Intraday low 
  • SUP 2: 1.0940 61.8% retracement of the Aug 1 - 26 bull leg
  • SUP 3: 1.0909 Low Aug 9 
  • SUP 4: 1.0878 76.4% retracement of the Aug 1 - 26 bull leg

EURUSD has traded lower following today’s NFP release. This has resulted in a move through support at 1.1002, the Sep 11 low and what appears to be the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0940, a Fibonacci retracement point. Initial resistance is at 1.1098, the 20-day EMA.