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EURUSD TECHS: Sensitive to Downside

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1276 High Jul 18 2023
  • RES 3: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • RES 2: 1.1043/1144 20-day EMA / High Oct 1
  • RES 1: 1.1029 50-Day EMA
  • PRICE: 1.0940 @ 07:58 BST Oct 11
  • SUP 1: 1.0910 Low Oct 10
  • SUP 2: 1.0909 Low Aug 9
  • SUP 3: 1.0881 76.4% retracement of the Aug 1 - Sep 25 bull leg
  • SUP 4: 1.0778 Low Aug 1 

EURUSD broke lower Thursday in response to the higher CPI print and, while the move was largely pared, puts the price on a weaker footing. Support at 1.1002, the Sep 11 low, has been breached. This level marks the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme, with the show below Fibonacci support at 1.0945 a further signal of weakness. Initial firm resistance is at 1.1043, the 20-day EMA. First resistance is at 1.1029, the 50-day EMA. 

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  • RES 4: 1.1276 High Jul 18 2023
  • RES 3: 1.1214/34 High Sep 25 / 1.618 proj Jun 26-Jul 17-Aug 1 swing
  • RES 2: 1.1043/1144 20-day EMA / High Oct 1
  • RES 1: 1.1029 50-Day EMA
  • PRICE: 1.0940 @ 07:58 BST Oct 11
  • SUP 1: 1.0910 Low Oct 10
  • SUP 2: 1.0909 Low Aug 9
  • SUP 3: 1.0881 76.4% retracement of the Aug 1 - Sep 25 bull leg
  • SUP 4: 1.0778 Low Aug 1 

EURUSD broke lower Thursday in response to the higher CPI print and, while the move was largely pared, puts the price on a weaker footing. Support at 1.1002, the Sep 11 low, has been breached. This level marks the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme, with the show below Fibonacci support at 1.0945 a further signal of weakness. Initial firm resistance is at 1.1043, the 20-day EMA. First resistance is at 1.1029, the 50-day EMA.