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Pierces Bear Channel Resistance

  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9999 High Oct 4 and a reversal trigger
  • RES 1: 0.9883/99 Bear channel top from Feb 10 high / Intraday high
  • PRICE: 0.9844 @ 06:19 BST Oct 22
  • SUP 1: 0.9811 220-day EMA
  • SUP 2: 0.9705/9633 Low Oct 21 / 13
  • SUP 3: 0.9536 Low Sep 28 and key support
  • SUP 4: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD key resistance intersects at 0.9883. This level marks the top of the bear channel drawn from the Feb 10 high. Gains overnight resulted in a print above the channel line. A clear break of it would highlight an important technical breach and signal a stronger bullish reversal. For now, the trend remains down and recent gains are still considered corrective. A reversal lower would open support at 0.9633, the Oct 13 low.

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