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Heading South

EURUSD TECHS
  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9963/9999 Bear channel top from Feb 10 high / High Oct 4
  • RES 1: 0.9840 20-day EMA
  • PRICE: 0.9678 @ 05:56 BST Oct 11
  • SUP 1: 0.9645 76.4% retracement of the Sep 28 - Oct 4 bull cycle
  • SUP 2: 0.9536 Low Sep 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9424 Bear channel base drawn from the Feb 10 high

EURUSD remains in a bear cycle and is trading inside the channel drawn from the Feb 10 high. Last week’s reversal from 0.9999 marked a failure at the top of the channel and with moving average tools pointing south, indications are that the pair is likely to depreciate further near-term. The focus is on 0.9536, the Sep 28 low. 0.9999 is key resistance. Note that the channel top is just below at 0.9963 and also represents a key hurdle for bulls.

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