EURUSD London briefing — 2026-10-21

BIAS BEARISH. Trend vote (D1+H4+H1 EMA) and H1 fair value gaps drive downside; H4 FVG conflict noted but overruled by stronger timeframe consensus. KEY LEVELS R: 1.125, 1.13, 1.14097 | S: 1.12, 1.115, 1.1114 NEWS 🟡 ECB Nagel speech 07:15 UTC 🟡 ECB Cipollone speech 08:00 UTC 🟡 MBA Mortgage Applications 11:00 UTC SESSION OUTLOOK ECB speakers may trigger volatility around 1.125 resistance. Watch H1 structure for breakdown confirmation toward 1.12 support.

Key Levels

R: 1.12500 · 1.13000 · 1.14097

S: 1.12000 · 1.11500 · 1.11140