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Remains Below Trendline Resistance

EURO-DOLLAR TECHS
  • RES 4: 1.1917 High Sep 10
  • RES 3: 1.1872 High Sep 21
  • RES 2: 1.1783 Trendline resistance drawn off the Sep 1 high
  • RES 1: 1.1770 High Oct 1
  • PRICE: 1.1709 @ 10:32 BST Oct 2
  • SUP 1: 1.1612/1581 Low Sep 25 / Low Jul 24
  • SUP 2: 1.1516 100-dma
  • SUP 3: 1.1486 38.2% retracement of the Mar - Sep rally
  • SUP 4: 1.1422 High Jun 10

EURUSD is lower this morning. A bearish theme remains intact despite the recent corrective climb. This follows recent weakness that has seen the 50-day EMA and support at 1.1738, Sep 17 low cleared. Furthermore, a trendline break in September, drawn off the May 14 low and a head and shoulders reversal confirmation highlight bearish sentiment. The bear trigger is at 1.1612 25 low. Trendline resistance intersects at 1.1783.

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