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Remains Vulnerable

EURO-DOLLAR TECHS
  • RES 4: 1.1917 High Sep 10 and 76.4% of the Sep 1 - 25 sell-off
  • RES 3: 1.1859 61.8% retracement of the Sep 1 - 25 sell-off
  • RES 2: 1.1817/31 High Oct 13 / High Oct 9 and the bull trigger
  • RES 1: 1.1771 High Oct 14
  • PRICE: 1.1712 @ 10:28 BST Oct 16
  • SUP 1: 1.1685 Low Sep 30
  • SUP 2: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 3: 1.1597 100-dma
  • SUP 4: 1.1541 Low Jul 23

EURUSD is consolidating following yesterday's weakness. The move lower follows the recent rejection off the 1.1831 high on Oct 9. Attention turns to the next important support handle at 1.1685, Sep 30 low. A break of would set the scene for a deeper decline and expose the key 1.1612 level, Sep 25 low. 1.1612 also represents the trigger for a resumption of the downtrend that started on Sep 1. Resistance is at 1.1771 Wednesday's high.

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