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Key Trendline Support Cleared

EURO-DOLLAR TECHS
  • RES 4: 1.1881 High Oct 21 and the bull trigger
  • RES 3: 1.1839 High Oct 27
  • RES 2: 1.1798 High Oct 28
  • RES 1: 1.1759 Intraday high
  • PRICE: 1.1658 @ 16:33 GMT Oct 29
  • SUP 1: 1.1655 Low Oct 29
  • SUP 2: 1.1612 Low Sep 25 and the bear trigger
  • SUP 3: 1.1576 0.764 proj of Sep 1 - 25 sell-off from Oct 21 high
  • SUP 4: 1.1541 Low Jul 23

EURUSD came under considerable pressure Thursday and has confirmed a clear breach of its short-term trendline support drawn off the Sep 28 low. The clear break, confirmed by a move below Wednesday's low of 1.1718 as well as key support at 1.1689, Oct 15 low strengthens the bearish case. This opens 1.1612, Sep 25 low and the primary bear trigger. Initial resistance is at 1.1759, Thursday's intraday high.

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