EURUSD London briefing — 2026-10-26

BIAS BEARISH. D1 + H4 + H1 EMA alignment combined with H1 fair value gap bearish structure drives direction; H4 FVG bullish conflict noted but lower timeframe bias dominates. KEY LEVELS R: 1.125, 1.13, 1.13797 | S: 1.12, 1.115, 1.1114 NEWS 🟡 Chicago Fed National Activity Index (USD) 12:30 UTC 🟡 3-Month Bill Auction (USD) 15:30 UTC 🟡 6-Month Bill Auction (USD) 15:30 UTC SESSION OUTLOOK London session tests support into auction volatility. Watch 1.12 hold; weak USD data may pressure lower.

Key Levels

R: 1.12500 · 1.13000 · 1.13797

S: 1.12000 · 1.11500 · 1.11140