EURUSD Strong Weekly/Monthly Resistance Area At 1.1664 to 1.1704

  • Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY

  • 05.10.2021 11:30 am
  • undisclosed

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete Top Down Analysis of the EURUSD. Review my previous EURUSD analysis here.

<Insert/Embed video here: https://www.youtube.com/watch?v=j58AWxJnKLY>

EURUSD Monthly:

Monthly support at 1.1603 and 1.1495, resistance at 1.1704.

September produced an outside reversal candle confirming that the monthly trend remains clearly down. MACD has also crossed down confirming the change in trend.


EURUSD Weekly:

Weekly support at 1.1603, resistance at 1.1664.

Price declined last week and is testing 1.1603 weekly/monthly support. Price may rally back up to test 1.1664 weekly resistance before a further decline. Long term weekly double top pattern remains in play.


EURUSD Daily:

Daily support at 1.1562, resistance at 1.1683.

Daily chart is in a downtrend showing lower tops and bottoms. Watch for price to rally back to the 1.1664 to 1.1704 weekly/monthly resistance area.

Price failing at the 1.1664 to 1.1704 resistance area would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Long term price projection target for the weekly double top pattern remains at 1.1165.

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