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EURUSD TECHS: Southbound

EURUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.1144 High Oct 1  
  • RES 3: 1.1083 High Oct 2  
  • RES 2: 1.1021 20-day EMA
  • RES 1: 1.0955 High Oct 10 
  • PRICE: 1.0902 @ 16:41 BST Oct 15
  • SUP 1: 1.0885 Low Oct 15
  • SUP 2: 1.0881 76.4% retracement of the Aug 1 - Sep 25 bull leg
  • SUP 3: 1.0778 Low Aug 1 and a key support 
  • SUP 4: 1.0736 Low Jul 3  

EURUSD remains in a bear cycle. The pair traded lower Monday and is trading at its recent lows. Support at 1.1002, the Sep 11 low, has been breached. This level marked the midpoint of a double top reversal pattern on the daily chart and the formation highlights a stronger reversal. Sights are on 1.0881, a Fibonacci retracement and the next important support. Initial firm resistance is at 1.1021, the 20-day EMA. 

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  • RES 4: 1.1144 High Oct 1  
  • RES 3: 1.1083 High Oct 2  
  • RES 2: 1.1021 20-day EMA
  • RES 1: 1.0955 High Oct 10 
  • PRICE: 1.0902 @ 16:41 BST Oct 15
  • SUP 1: 1.0885 Low Oct 15
  • SUP 2: 1.0881 76.4% retracement of the Aug 1 - Sep 25 bull leg
  • SUP 3: 1.0778 Low Aug 1 and a key support 
  • SUP 4: 1.0736 Low Jul 3  

EURUSD remains in a bear cycle. The pair traded lower Monday and is trading at its recent lows. Support at 1.1002, the Sep 11 low, has been breached. This level marked the midpoint of a double top reversal pattern on the daily chart and the formation highlights a stronger reversal. Sights are on 1.0881, a Fibonacci retracement and the next important support. Initial firm resistance is at 1.1021, the 20-day EMA.