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Short-Term Outlook Remains Bullish

  • RES 4: 1.1821 High Sep 16
  • RES 3: 1.1711/55 Bear channel from Jun 1 high / High Sep 22
  • RES 2: 1.1684 50-day EMA
  • RES 1: 1.1669 High Oct 19
  • PRICE: 1.1607 @ 05:58 BST Oct 28
  • 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: 1.1371 Bear channel base drawn from the Jun 1 high

EURUSD is consolidating and remains below recent highs. The pullback from 1.1669, Oct 19 high appears to be a correction. A short-term bull tone remains intact and recent activity suggests scope for an extension higher. The focus is on 1.1684, the 50-day EMA. There is a key resistance at 1.1711, the top of a bear channel drawn from the Jun 1 high. Broader trend conditions remain bearish below this channel resistance. Key support is 1.1524.

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