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Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0694/0737 High Oct 24 / High Sep 20
  • PRICE: 1.0607 @ 16:39 BST Oct 30
  • SUP 1: 1.0496 Low Oct 13
  • SUP 2: 1.0448 Low Oct 03 and the bear trigger
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0369 2.0% 10-dma envelope

EURUSD maintains a softer tone and continues to trade below 1.0694, the Oct 24 high. The move down last week reinforces a bearish theme and suggests that the recent correction between Oct 3 - 24 is over. Note too that the Oct 24 price pattern is a bearish engulfing candle - a reversal signal. A continuation lower would open 1.0496, the Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. Key short-term resistance is 1.0694.

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