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EURUSD TECHS: Trend Needle Points South

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: 1.1033 20-day EMA
  • RES 1: 1.0981 High Oct 9 
  • PRICE: 1.0924 @ 05:39 BST Oct 14
  • SUP 1: 1.0900 Low Oct 10
  • 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 traded lower last week and remains in a bearish cycle. 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 highlights a stronger reversal. An extension lower would open 1.0881, a Fibonacci retracement and the next important support. Initial firm resistance is at 1.1033, the 20-day EMA.

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  • RES 4: 1.1144 High Oct 1  
  • RES 3: 1.1083 High Oct 2  
  • RES 2: 1.1033 20-day EMA
  • RES 1: 1.0981 High Oct 9 
  • PRICE: 1.0924 @ 05:39 BST Oct 14
  • SUP 1: 1.0900 Low Oct 10
  • 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 traded lower last week and remains in a bearish cycle. 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 highlights a stronger reversal. An extension lower would open 1.0881, a Fibonacci retracement and the next important support. Initial firm resistance is at 1.1033, the 20-day EMA.