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Sharp Reversal Lower Exposes Support

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep 1 and major resistance
  • RES 3: 1.1917 High Sep 10 and 76.4% of the Sep 1 - 25 sell-off
  • RES 2: 1.1859 61.8% retracement of the Sep 1 - 25 sell-off
  • RES 1: 1.1817/31 High Oct 13 / High Oct 10 and the bull trigger
  • PRICE: 1.1745 @ 05:44 BST Oct 14
  • SUP 1: 1.1725 Low Oct 7 and key near-term support
  • SUP 2: 1.1685 Low Sep 30
  • SUP 3: 1.1612/1581 Low Sep 25 and the bear trigger / Low Jul 24
  • SUP 4: 1.1584 100-dma

EURUSD reversed course Tuesday selling off sharply. Attention is on the near-term key support that lies at 1.1725, Oct 7 low. A break of this level would negate recent bullish signals and signal scope for deeper pullback, exposing support at 1.1612, Sep 25 low and the key bear trigger. If 1.1725 holds, the focus will once again turn to key resistance at 1.1831, Oct 10 high. A break resumes recent bullish pressure.

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