EURUSD
The first minor correction in the decline that began after the September high – which characterized the past week and a half – has already come to an end, so the question now is whether the exchange rate will turn higher or fall to a new swing low. In the event of a new low, the 1.0986 level could be reached after breaking below 1.1108. A structural shift is still a long way off; that would require a lower low, followed by a rebound back to the key pivot level of 1.1719 a scenario that currently seems quite unlikely. A break above the thick red trendline could be the first sign that the downtrend is changing.
Resistance levels: 1.1719; 1.1841; 1.1962; 1.2085; 1.2207.
Support levels: 1.1108; 1.0986.
