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Fades Off Bear Channel Top

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 1.0004 50-day EMA
  • RES 1: 0.9998 Bear channel top drawn from the Feb 10 high
  • PRICE: 0.9856 @ 15:12 BST Oct 5
  • SUP 1: 0.9806/9735 Low Oct 4 / Low Sep 30
  • SUP 2: 0.9636/9536 Low Sep 29 / 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9469 Bear channel base drawn from the Feb 10 high

EURUSD faded off the bear channel top Wednesday, erasing much of the Tuesday strength into the close. This raises the importance of the key short-term resistance at 0.9998, the bear channel drawn from the Feb 10 high. Note too that the 50-day EMA intersects just above, at 1.0004. A break of these resistance points would strengthen bullish conditions and highlight a more significant reversal. Initial support to watch is 0.9806, Tuesday’s low.

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  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 1.0004 50-day EMA
  • RES 1: 0.9998 Bear channel top drawn from the Feb 10 high
  • PRICE: 0.9856 @ 15:12 BST Oct 5
  • SUP 1: 0.9806/9735 Low Oct 4 / Low Sep 30
  • SUP 2: 0.9636/9536 Low Sep 29 / 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9469 Bear channel base drawn from the Feb 10 high

EURUSD faded off the bear channel top Wednesday, erasing much of the Tuesday strength into the close. This raises the importance of the key short-term resistance at 0.9998, the bear channel drawn from the Feb 10 high. Note too that the 50-day EMA intersects just above, at 1.0004. A break of these resistance points would strengthen bullish conditions and highlight a more significant reversal. Initial support to watch is 0.9806, Tuesday’s low.