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Key Trendline Remains Under Pressure

EURO-DOLLAR TECHS
  • RES 4: 1.1909 1.0% 10-dma envelope
  • RES 3: 1.1881 High Oct 21 and the bull trigger
  • RES 2: 1.1839 High Oct 27
  • RES 1: 1.1798 Intraday high
  • PRICE: 1.1752 @ 06:46 GMT Oct 29
  • SUP 1: 1.1718 Low Oct 28
  • SUP 2: 1.1689 Low Oct 15 and a key support
  • SUP 3: 1.1612 Low Sep 25 and the bear trigger
  • SUP 4: 1.1541 Low Jul 23

EURUSD traded under pressure for much of the European session yesterday but managed to stage a modest rally into the US close. The outlook remains bearish though and the pair continues to test key near-term trendline support drawn off the Sep 28 low that was also probed yesterday. A clear breach of the trendline would strengthen a bearish case and open 1.1689, Oct 15 low and a key support. Initial resistance is at 1.1798, Wednesday's intraday high.

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