EURUSD defensive range tone
· Despite a modest bounce effort from supports at 1.2605 and more notable 1.2583, we still see a broader range theme into late October, defined by 1.2583 and 1.2840/45.
· Moreover, we also see narrower range parameters at 1.2740 and 1.2614/05 containing price action into midweek.
· This leaves the bias for Tuesday for a roll back lower from ahead of 1.2740 towards 1.2665, maybe closer to 1.2614.
WHAT CHANGES THIS?
· Downside: Below 1.2583 sees risk lower for 1.2500 and 1.2460.
· Upside: Above 1.2840/45 aims higher for 1.2888 and 1.2902/30 targets.
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4 Hour EURUSD Chart