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Sep'23 Euribor Vol Sale

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Watching Support At The Former Channel Top

  • 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: 0.9871 @ 15:05 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

Last week's key technical development in EURUSD was the break of the bear channel top drawn from the Feb 10 high - a bullish development. The latest pullback from 1.0094, Oct 27 high, is a return move and will test the validity of last week's reversal and whether the channel top will act as support. If it does and EURUSD recovers, this will reinforce the bullish implications of the channel breakout and strengthen the current bull cycle. The channel top intersects at 0.9821 and represents a key support. A failure to remain above 0.9821 would be a bearish development.

MNI London Bureau | +44 203-865-3809 |

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