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Resistance Remains Intact - For Now

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0694/0737 High Oct 24 / High Sep 20
  • PRICE: 1.0630 @ 05:47 GMT Nov 3
  • SUP 1: 1.0517/0496 Low Nov 1/ 13
  • SUP 2: 1.0448 Low Oct 03 and the bear trigger
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0374 2.0% 10-dma envelope

EURUSD traded higher Thursday but remains below near-term resistance. The trend outlook is bearish and short-term gains are considered corrective. The Oct 24 price pattern is a bearish engulfing candle, a strong reversal signal and suggests the correction between Oct 3 - 24 is over. A resumption of weakness would open 1.0496, the Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. 1.0694, the Oct 24 high, is key resistance.

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