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Resistance Levels Remain Intact

  • RES 4: 1.1917 High Sep 10
  • RES 3: 1.1872 High Sep 21
  • RES 2: 1.1793 Trendline resistance drawn off the Sep 1 high
  • RES 1: 1.1760 20-day EMA
  • PRICE: 1.1739 @ 16:17 BST Oct 1
  • SUP 1: 1.1612/1581 Low Sep 25 / Low Jul 24
  • SUP 2: 1.1506 100-dma
  • SUP 3: 1.1486 38.2% retracement of the Mar - Sep rally
  • SUP 4: 1.1422 High Jun 10

Recent EURUSD gains are still considered corrective in nature with a bearish theme intact following recent weakness that saw the 50-day EMA and support at 1.1738, Sep 17 low cleared. Furthermore, a recent trendline break drawn off the May 14 low and a head and shoulders reversal confirmation highlight bearish sentiment. The focus is on 1.1581. The 20-day EMA at 1.1760 is the next resistance. Trendline resistance intersects at 1.1793.

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