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Holding Onto Recent Gains

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep and key resistance
  • RES 3: 1.1917 76.4% retracement of the Sep 1 - 25 sell-off
  • RES 2: 1.1895 1.0% 10-dma envelope
  • RES 1: 1.1881 High Oct 21
  • PRICE: 1.1845 @ 05:41 BST Oct 22
  • SUP 1: 1.1822 Low Oct 21
  • SUP 2: 1.1760 Low Oct 20
  • SUP 3: 1.1739 50-day EMA
  • SUP 4: 1.1717 Trendline support drawn off the Sep 28 low

EURUSD traded higher again Wednesday, registering the best levels since mid-September in the process. This week's positive theme has been reinforced by the break of the bull trigger at 1.1831, Oct 9 high. The breach signals scope for an extension towards 1.1917, a Fibonacci retracement level. The major resistance and hurdle for bulls is at 1.2011, Sep 1 high. On the downside, initial firm support lies at 1.1760, Tuesday's low.

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