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TECHS: EURUSD: Firm Support Defined At 1.1603

FOREX
  • RES 4: 1.1881 High Oct 21 and the bull trigger
  • RES 3: 1.1861 Oct 26 high
  • RES 2: 1.1798 High Oct 28
  • RES 1: 1.1770 High Nov 4
  • PRICE: 1.1741 @ 05:40 GMT Nov 5
  • SUP 1: 1.1603 Low Nov 4 and the bear trigger
  • SUP 2: 1.1576 0.764 proj of Sep 1 - 25 sell-off from Oct 21 high
  • SUP 3: 1.1541 Low Jul 23
  • SUP 4: 1.1482 1.000 proj of Sep 1 - 25 sell-off from Oct 21 high

EURUSD remains volatile as markets track the outcome of the US election. Technical signals continue to highlight a bearish backdrop however a firm short-term support has been defined at yesterday's low print of 1.1603. A clear breach of this level would strengthen a bearish argument and open 1.1576 next, a Fibonacci projection. On the upside, initial resistance is at yesterday's 1.1770 high. A break would signal scope for gains above 1.1800.

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