Possible Reversal on $EURUSD, Strong Support 1.1695
The main trend is down according to the daily swing chart. However, the closing price reversal bottom on October 3 has signaled a shift in short-term momentum.
A trade through 1.1695 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through 1.1832 will change the main trend to up.
The major support is the retracement zone at 1.1702 to 1.1610.
The short-term range is 1.1832 to 1.1695. Its retracement zone at 1.1764 to 1.1780 is currently acting like resistance.
The intermediate range is 1.2033 to 1.1695. If the trend changes to up then its retracement zone at 1.1864 to 1.1904 will become the primary upside target.
A trade through 1.1695 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through 1.1832 will change the main trend to up.
The major support is the retracement zone at 1.1702 to 1.1610.
The short-term range is 1.1832 to 1.1695. Its retracement zone at 1.1764 to 1.1780 is currently acting like resistance.
The intermediate range is 1.2033 to 1.1695. If the trend changes to up then its retracement zone at 1.1864 to 1.1904 will become the primary upside target.