EURUSD TECHS: Bear Leg Extends
- RES 4: 1.1919 High Sep 17 and a bull trigger
- RES 3: 1.1820 High Sep 23
- RES 2: 1.1779 High Oct 1 and a key short-term resistance
- RES 1: 1.1699 20-day EMA
- PRICE: 1.1577 @ 15:46 BST Oct 10
- SUP 1: 1.1542 Low Oct 9
- SUP 2: 1.1516 76.4% retracement of the Aug 1 - Sep 17 bull leg
- SUP 3: 1.1392 Low Aug 1 and bear trigger
- SUP 4: 1.1313 Low May 30
A short-term corrective bear cycle in EURUSD remains intact and this week’s move lower reinforces current conditions. The 50-day EMA and support at 1.1646, the Sep 25 low, have been breached. Sights are on 1.1516, a Fibonacci retracement. Note that MA studies are in a bull-mode position. This continues to highlight a dominant medium-term uptrend. Initial firm resistance is 1.1779, the Oct 1 high. A break of this level would signal a bull reversal.
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