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Trend Direction Remains Down

  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9999 High Oct 4 and a reversal trigger
  • RES 1: 0.9901 Bear channel top from Feb 10 high
  • PRICE: 0.9782 @ 06:09 BST Oct 20
  • SUP 1: 0.9711/9633 Low Oct 17 / 13
  • SUP 2: 0.9536 Low Sep 28 and key support
  • SUP 3: 0.9501 1.382 projection of the Aug 10 - Sep 6 - 12 price swing
  • SUP 4: 0.9362 Bear channel base drawn from the Feb 10 high

EURUSD faced resistance Wednesday. The first key resistance intersects at 0.9901. This is the top of the bear channel drawn from the Feb 10 high. A clear break of this hurdle would highlight a channel breakout and a stronger bullish reversal. For now, with price trading inside the channel, the trend remains down and recent gains are considered corrective. A stronger move lower would open 0.9633, the Oct 13 low.

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