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EUROZONE

Timeline of key events (Times GMT)

EURJPY TECHS

Resumes Its Downtrend

GBPUSD TECHS

Bears Pause For Breath

EURUSD TECHS

Trend Needle Still Points South

EUROSTOXX50 TECHS

(Z1) Bearish Risk Remains Present

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  • RES 4: $502.60 - 2.00 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 1: $487.05 - High May 10 and the bull trigger
  • PRICE: $463.95 @ 13:33 BST Oct 21
  • SUP 1: $458.60 - High Jul 27
  • SUP 2: $428.65 - Low Oct 12
  • SUP 3: $411.40 - Low Oct 6
  • SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

Copper is off recent highs. The rally earlier this week traded to a high just short of key resistance at $487.05, the May 10 high and bull trigger. A strong bullish condition was confirmed last week following the break of resistance at $430.68, a bear channel top from the May 10 high. This signals a resumption of the broader uptrend and a break of $487.05 would confirm this and open 490.68, a Fibonacci projection. Initial support is at $458.60, the Jul 27 high.