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Rally Extends

EURUSD TECHS
  • RES 4: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 3: 1.0198 High Sep 12 and a key resistance
  • RES 2: 1.0094 High Oct 27 and a bull trigger
  • RES 1: 0.9976 High Nov 2
  • PRICE: 0.9938 @ 14:41 GMT Nov 04
  • SUP 1: 0.9730 Low Nov 3
  • SUP 2: 0.9705 Low Oct 21
  • SUP 3: 0.9633 Low Oct 13 and a key support
  • SUP 4: 0.9536 Low Sep 28 and the bear trigger

EURUSD has rebounded today and has, for now at least, defined a support at 0.9730, Thursday’s low. Initial firm resistance is seen at 0.9976, the Nov 3 high where a break is required to ease the recent bearish threat. This would signal scope for an extension higher towards key short-term resistance at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 would signal a resumption of the most recent bear leg.

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