Asia opening finds EUR/USD consolidating close to past Monday’s low, capped under the 1.4880 resistance area. After breaking key support levels, pair seems ready for a limited upside correction before next down leg; immediate resistances above the mentioned 1.4880 come at 1.4910 and 1.4940 level. To the downside, 1.4840, 38.2% retracement of the last daily rally from 1.4480 October low to 1.5062 past Monday high, is the key level to watch: confirmations under that level could accelerate the selling, with 1.4810 and 1.4760 as next supports to consider.
After Wall Street loses, Asian shares likely to fall following general risk aversion sentiment triggered in American session, dragging safe-haven dollar up across the board. Gold continues to be the main market driver, yet the commodity needs to regain the 1043/oz level to revert current situation. Under 1031/oz, previous historical high and next key support level to watch, gold likely to continue falling, favoring more greenback gains.
EUR/USD (Oct 27 at 05:45 GMT)
H 1.4897 L 1.4846
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4811 | 1.4848 | 1.4885 | 1.4900 | 1.4937 | 1.4974 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Oct 27 at 05:35 (15-minute timeframe) |
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