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Pullback Considered Corrective

  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 0.9998/1.0094 High Oct 28 / 27
  • PRICE: 0.9870 @ 15:43 GMT Nov 01
  • SUP 1: 0.9860 Low Nov 01
  • SUP 2: 0.9830 Former bear channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD trend conditions remain bullish and the recent pullback is considered corrective. Last week’s key technical development was the break of the top of a bear channel drawn from the Feb 10 high. The channel breakout highlights a stronger bull reversal and signals potential for an extension of the current cycle. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9830, the former bear channel resistance.

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