Free Trial

Trend Needle Points South

EURUSD TECHS
  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0737 High Sep 20
  • RES 2: 1.0681 50-day EMA
  • RES 1: 1.0640 High Oct 12
  • PRICE: 1.0532 @ 05:56 BST Oct 19
  • 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: 1.0353 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

EURUSD traded lower Wednesday. The trend condition remains bearish and the reversal lower from 1.0640, Oct 12 high, suggests the end of the recent corrective cycle. The focus is on 1.0448, the Oct 3 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 1.0406, a Fibonacci retracement. On the upside, a break of 1.0640, the Oct 12 high, would instead signal scope for a stronger correction.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.