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Trend Needle Continues to Point South

EURUSD TECHS
  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0677 50-day EMA
  • RES 1: 1.0640 High Oct 12
  • PRICE: 1.0629 @ 16:03 BST Oct 23
  • SUP 1: 1.0496/0448 Low Oct 13 / 03 and the bear trigger
  • SUP 2: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.0356 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD continues to trade below its recent highs, despite Monday strength. The trend condition is bearish and the reversal lower from 1.0640, Oct 12 high, suggests the end of the recent corrective cycle between Oct 3 - 12. The focus is on 1.0448, Oct 3 low and the bear trigger. Clearance of this level would resume the downtrend and open 1.0406, a Fibonacci retracement. On the upside, a break of 1.0640, is required to signal scope for a stronger correction.

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