EUR/USD has been capped as expected at tougher resistances at 1.1764/84 – the 55 -day average, downtrend from the early September peak and 38.2% retracement of the September fall – and with a top in place we maintain our view of looking for a more decisive rejection from here and for the risk to turn lower again.”
“Support moves to 1.1685 initially, with a break below 1.1665/61 needed to add weight to our view to reassert a bearish tone again with support then seen next at 1.1642 ahead of the 1.1598 recent low, with 1.1495/85 still our ‘ideal’ objective. Our bias remains to look for this to then prove a solid floor for a resumption of the core uptrend.”


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