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Rallies Sold

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: 1.0737 High Sep 20
  • PRICE: 1.0681 @ 05:28 BST Oct 24
  • SUP 1: 1.0591 20-day EMA
  • SUP 2: 1.0496/0448 Low Oct 13 / 03 and the bear trigger
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0356 2.0% 10-dma envelope

Despite breaching both the 20- and 50-day EMAs, the pair corrected lower into the Tuesday close, defying any bullish signals that emanated from the week’s early strength. Any return higher would strengthen a short-term bull cycle and signal scope for a continuation higher. This has opened 1.0764, a Fibonacci retracement. Gains are considered corrective and the trend outlook remains bearish. The bear trigger lies at 1.0448, the Oct 3 low.

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

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