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Focus Is On The Bull Trigger

  • RES 4: 1.2011 High Sep 1 and major resistance
  • RES 3: 1.1917 High Sep 10 and 76.4% of the Oct 1 - 25 sell-off
  • RES 2: 1.1872 High Sep 21
  • RES 1: 1.1808 High Oct 6 and the intraday bull trigger
  • PRICE: 1.1796 @ 10:25 BST Oct 9
  • SUP 1: 1.1685 Low Sep 30 and key near-term support
  • SUP 2: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 3: 1.1550 100-dma
  • SUP 4: 1.1486 38.2% retracement of the Mar - Sep rally

EURUSD traded higher this morning. The pair however continues to trade below Tuesday's 1.1808 high. On Oct 5, the pair breached 1.1770/73, Oct 1 high and a trendline resistance drawn off the Sep 1 high. However, price has yet to extend higher and this remains a concern for bulls. Initial support lies at 1.1685, Sep 30 low. A break would negate recent bullish developments and expose 1.1612 again, Sep 25 low. For bulls, the upside trigger is 1.1808.

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