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Still Trading Below Last Week's High

EURO-DOLLAR TECHS
  • RES 4: 1.2011 High Sep and key resistance
  • RES 3: 1.1917 Sep 10 high / 76.4% of the Sep 1 - 25 sell-off
  • RES 2: 1.1904 1.0% 10-dma envelope
  • RES 1: 1.1881 High Oct 21 and the intraday bull trigger
  • PRICE: 1.1806 @ 09:43 GMT Oct 26
  • SUP 1: 1.1787/60 Low Oct 23 / Oct 20
  • SUP 2: 1.1747 50-day EMA
  • SUP 3: 1.1729 Trendline support drawn off the Sep 28 low
  • SUP 4: 1.1689 Low Oct 15 and a key support

EURUSD is softer this morning and still trading below last week's high of 1.1881. Despite the pullback, the outlook is positive and pullbacks are considered corrective. The recent breach of the former bull trigger at 1.1831, Oct 9 high reinforced the current bullish price structure and signals scope for 1.1917 next, a retracement level with the major resistance and hurdle for bulls at 1.2011, Sep 1 high. Key short-term trendline support is at 1.1729.

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