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Key Trendline Support Snaps

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: 1.1758 @ 16:32 GMT Oct 28
  • 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 trading day but managed to stage a modest rally into the US close. Key near-term trendline support drawn off the Sep 28 low gave way, keeping the outlook fragile for now. This break of support undermines the bullish tone and exposes 1.1689, Oct 15 low. Initial resistance is at 1.1798, Wednesday's intraday high.

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

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