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Trend Needle Still Points South

  • RES 4: 1.0198 High Sep 12 and a key resistance
  • RES 3: 1.0051 High Sep 20
  • RES 2: 0.9927/9999 Bear channel top from Feb 10 high / High Oct 4
  • RES 1: 0.9812 20-day EMA
  • PRICE: 0.9724 @ 18:05 BST Oct 14
  • SUP 1: 0.9633 Low Oct 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: 0.9389 Bear channel base drawn from the Feb 10 high

EURUSD traded to a fresh weekly low Thursday, before recovering. Gains are considered corrective and the pair remains in bear mode. The reversal from 0.9999 on Oct 4 marked a failure at the top of the bear channel drawn from the Feb 10 high and this strengthens a bearish theme. The focus is on 0.9536, the Sep 28 low. 0.9999 is a key resistance. Note that the channel top is at 0.9927and also represents a key hurdle for bulls.

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