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Trend Needle Points South

  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0692 50-day EMA
  • RES 1: 1.0640 High Oct 11
  • PRICE: 1.0548 @ 05:47 BST Oct 17
  • SUP 1: 1.0448 Low Oct 03 and the bear trigger
  • SUP 2: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.0339 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD trend conditions remain bearish. The reversal lower from last Thursday’s high suggests the end of the recent corrective cycle and the pair is trading below the 20-day EMA - at 1.0587. Attention is on 1.0448, the Oct 3 low and a bear trigger. A break would confirm a resumption of the downtrend and open 1.0406, a Fibonacci retracement. On the upside, clearance of 1.0640, the Oct 12 high, would instead signal scope for a stronger correction.

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