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In A Range

EURUSD TECHS
  • RES 4: 1.1762 Bear channel top drawn from the Jun 1 high
  • RES 3: 1.1717/55 50-day EMA / High Sep 22
  • RES 2: 1.1633/1640 / 20-day EMA / High Oct 4
  • RES 1: 1.1624 High Oct 14
  • PRICE: 1.1589 @ 16:11 BST Oct 14
  • SUP 1: 1.1524 Low Oct 12 and the bear trigger
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1422 Bear channel base drawn from the Jun 1 high

EURUSD remains in range and is consolidating. A bearish theme remains intact with recent price action appearing to be a bear flag. If correct, this pattern reinforces current trending conditions. A bearish price sequence of lower lows and lower highs remains intact and moving average conditions are in a bear mode. The focus is on 1.1493 next, a Fibonacci projection. Firm resistance is unchanged at 1.1640.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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