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Has Breached Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 3: 1.0198 High Sep 12 and a key resistance
  • RES 2: 0.9976/1.0094 High Nov 2 / High Oct 27
  • RES 1: 0.9859 20-day EMA
  • PRICE: 0.9779 @ 05:55 GMT Nov 04
  • SUP 1: 0.9730 Low Nov 3
  • SUP 2: 0.9705 Low Oct 21
  • SUP 3: 0.9633 Low Oct 13 and a key support
  • SUP 4: 0.9536 Low Sep 28 and the bear trigger

EURUSD traded in a volatile manner across both the Wednesday and Thursday sessions. This resulted in a move below a key area of support around 0.9812, marking the top of the bear channel that was breached last week. The breach of this support undermines the recent bullish theme and signals scope for a deeper pullback, towards 0.9633 initially, the Oct 13 low. Firm resistance is seen at 0.9976, the Nov 2 high.

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