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Remains Bearish Inside Its Bear Channel

EURUSD TECHS
  • RES 4: 1.0034 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9892 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9760 High Sep 29
  • PRICE: 0.9741 @ 15:30 BST Sep 29
  • SUP 1: 0.9536 Low Sep 28
  • SUP 2: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 3: 0.9495 Bear channel base drawn from the Feb 10 high
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD short-term gains are considered corrective and trend signals continue to point south. Fresh trend lows this week reinforce bearish conditions, signalling scope for a continuation. The move lower also maintains the bearish price sequence of lower lows and lower highs. Price is approaching the base of a bear channel drawn from the Feb 10 high. The channel intersects at 0.9495 and represents a key support.

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  • RES 4: 1.0034 Bear channel top drawn from the Feb 10 high
  • RES 3: 0.9892 20-day EMA
  • RES 2: 0.9852 High Sep 23
  • RES 1: 0.9760 High Sep 29
  • PRICE: 0.9741 @ 15:30 BST Sep 29
  • SUP 1: 0.9536 Low Sep 28
  • SUP 2: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 3: 0.9495 Bear channel base drawn from the Feb 10 high
  • SUP 4: 0.9442 1.50 projection of the Aug 10 - Sep 6 - 12 price swing

EURUSD short-term gains are considered corrective and trend signals continue to point south. Fresh trend lows this week reinforce bearish conditions, signalling scope for a continuation. The move lower also maintains the bearish price sequence of lower lows and lower highs. Price is approaching the base of a bear channel drawn from the Feb 10 high. The channel intersects at 0.9495 and represents a key support.