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EURUSD TECHS: Double Top Threat?

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: 1.1105/1144 20-day EMA / High Oct 1 
  • PRICE: 1.1034 @ 05:47 BST Oct 3
  • SUP 1: 1.1002 Low Sep 11 and double top mid-point
  • 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

The short-term outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback. Support at the 50-day EMA of 1.1045 has cracked, and a clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1105, 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: 1.1105/1144 20-day EMA / High Oct 1 
  • PRICE: 1.1034 @ 05:47 BST Oct 3
  • SUP 1: 1.1002 Low Sep 11 and double top mid-point
  • 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

The short-term outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback. Support at the 50-day EMA of 1.1045 has cracked, and a clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1105, the 20-day EMA.