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Summary: Data Remains Limited Ahead Of Central Bank Decisions

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Watching Support At The Former Channel Top

EURUSD TECHS
  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 0.9998/1.0094 High Oct 28 / 27
  • PRICE: 0.9888 @ 05:51 GMT Nov 02
  • SUP 1: 0.9853 Low Nov 01
  • SUP 2: 0.9821 Former bear channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD trend conditions remain bullish and the recent pullback is still considered corrective. Last week’s key technical development was the break of the top of a bear channel drawn from the Feb 10 high and highlights a stronger bull reversal. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9821, the former bear channel resistance. A rebound in price ahead of this support would reinforce the bullish condition.

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  • RES 4: 1.0327 High Aug 12
  • RES 3: 1.0273 1.382 proj of the Sep 28 - Oct 4 - 13 price swing
  • RES 2: 1.0198 High Sep 12 and a key resistance
  • RES 1: 0.9998/1.0094 High Oct 28 / 27
  • PRICE: 0.9888 @ 05:51 GMT Nov 02
  • SUP 1: 0.9853 Low Nov 01
  • SUP 2: 0.9821 Former bear channel resistance-now-support
  • SUP 3: 0.9807 Low Oct 24
  • SUP 4: 0.9705 Low Oct 21

EURUSD trend conditions remain bullish and the recent pullback is still considered corrective. Last week’s key technical development was the break of the top of a bear channel drawn from the Feb 10 high and highlights a stronger bull reversal. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9821, the former bear channel resistance. A rebound in price ahead of this support would reinforce the bullish condition.