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Trend Outlook Remains Bearish

EURUSD TECHS
  • RES 4: 1.0769 High Sep 12
  • RES 3: 1.0732 50-day EMA
  • RES 2: 1.0674 High Sep 21
  • RES 1: 1.0611 20-day EMA
  • PRICE: 1.0550 @ 15:28 BST Oct 9
  • 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: 1.0335 2.0% 10-dma envelope
  • SUP 4: 1.0291 Low Nov 30 2022

Post-Nonfarm payrolls USD strength faded swiftly, with EUR/USD trading inside Friday’s range for the duration of Monday trade. EURUSD remains in a downtrend and recent cycle lows confirmed a resumption of the trend, with moving average studies still in bear mode position. This has opened 1.0406, a Fibonacci retracement. Initial firm resistance is at 1.0611, the 20-day EMA. A break would signal the start of a correction. Gains are considered corrective - for now.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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