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Short-Term Bull Cycle Remains Intact

EURUSD TECHS
  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.1716/55 Bear channel from Jun 1 high / High Sep 22
  • RES 2: 1.1687 50-day EMA
  • RES 1: 1.1669 High Oct 19
  • PRICE: 1.1594 @ 16:17 BST Oct 27
  • SUP 1: 1.1572/24 Low Oct 18 / 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: 1.1376 Bear channel base drawn from the Jun 1 high

EURUSD remains below recent highs however so far, the pullback is a shallow one and appears to be a correction. A short-term corrective bull tone remains intact and recent gains still suggest scope for an extension higher. The focus is on 1.1687, the 50-day EMA. There is a key resistance at 1.1716, the top of a bear channel drawn from the Jun 1 high. Broader trend conditions remain bearish below channel resistance. Key support to watch is 1.1524.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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