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Trend Conditions Remain Bearish

  • RES 4: 1.1846 High Sep 14
  • RES 3: 1.1777 Bear channel top drawn from the Jun 1 high
  • RES 2: 1.1737/55 50-day EMA / High Sep 22
  • RES 1: 1.1640/1658 High Oct 4 / 20-day EMA
  • PRICE: 1.1573 @ 06:23 BST Oct 11
  • SUP 1: 1.1529 Low Oct 6 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 Low Jul 16

EURUSD outlook remains bearish and the move lower Oct 6 reinforces this set-up. The break of 1.1563, Sep 30 and Oct 1 low, confirms a resumption of the current downtrend and has opened 1.1493 next, a Fibonacci projection. The extension also maintains a bearish price sequence of lower lows and lower highs with moving average conditions in a bear mode. Firm resistance is unchanged at 1.1640.

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