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Recovers Off The Day Low

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep and key resistance
  • RES 3: 1.1917 76.4% retracement of the Sep 1 - 25 sell-off
  • RES 2: 1.1901 1.0% 10-dma envelope
  • RES 1: 1.1881 High Oct 21
  • PRICE: 1.1845 @ 10:19 BST Oct 23
  • SUP 1: 1.1787/60 Intraday low / Low Oct 20
  • SUP 2: 1.1739 50-day EMA
  • SUP 3: 1.1723 Trendline support drawn off the Sep 28 low
  • SUP 4: 1.1689 Low Oct 15 and a key support

EURUSD has recovered off today's earlier low. The outlook is positive and pullbacks considered corrective. This week's bullish theme has been reinforced by the break of the former bull trigger at 1.1831, Oct 9 high. The breach signals scope for gains towards 1.1917 next, a Fibonacci retracement level with the major resistance and hurdle for bulls at 1.2011, Sep 1 high. On the downside, initial firm support lies at 1.1760, Tuesday's low.

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