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Testing Key Short-Term Support

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 0.9976/1.0094 High Nov 2 / High Oct 27
  • PRICE: 0.9828 @ 05:43 GMT Nov 03
  • SUP 1: 0.9812 Former bear channel resistance-now-support
  • SUP 2: 0.9765 Trendline support drawn from the Sep 28 low
  • SUP 3: 0.9705 Low Oct 21
  • SUP 4: 0.9633 Low Oct 13

EURUSD traded in a volatile manner Wednesday and ended the day down. The pair is testing a key area of support around 0.9812 today (0.9821 yesterday). This marks the top of the bear channel that was breached last week. A clear break of this support would undermine the recent bullish outlook and signal scope for a deeper pullback. On the upside, a recovery and break of 0.9976, would be seen as a bullish development.

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