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Sharp Sell-Off

EURUSD TECHS
  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.17155 / High Sep 22
  • RES 2: 1.1701 Bear channel top drawn from the Jun 1 high
  • RES 1: 1.1621/92 20-day EMA / High Oct 28
  • PRICE: 1.1562 @ 05:56 BST Nov 1
  • SUP 1: 1.1535/24 Low Oct 29 / Low Oct 12 and the bear trigger
  • SUP 2: 1.1493 50.0% retracement of the Mar '20 - Jan '21 bull phase
  • SUP 3: 1.1469 1.236 proj of the Jan 6 - Mar 31 - May 25 price swing
  • SUP 4: 1.1361 Bear channel base drawn from the Jun 1 high

EURUSD sold off sharply Friday signalling the end of the recent corrective cycle. The move lower highlights a failure to clear the 50-day EMA and more importantly, means the bear channel top - a key resistance - at 1.1701 today, remains intact. A breakout of the channel is required to signal a trend reversal. The focus is on 1.1524, Oct 12 low and bear trigger. A break of this level would confirm a resumption of the downtrend.

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