Free Trial

120.78 the target: *RES 4: 123.74....>

EURO-YEN TECHS
EURO-YEN TECHS: 120.78 the target:
*RES 4: 123.74 High May 21
*RES 3: 123.17 High Jun 11 and key resistance
*RES 2: 122.56 High Jun 13
*RES 1: 122.27 20-day EMA
*PRICE: 121.39 @ 16:02 GMT June 18
*SUP 1: 121.07 Intraday Low
*SUP 2: 121.06 2.0% Lower Bollinger Band
*SUP 3: 120.78 Low Jun 3
*SUP 4: 120.00 Psychological round number
Draghi's jawboning took out the Jun 17 lows as well as Fib support at 121.33,
firming the Jun 3 low at 120.78 as the near-term target. Underlying trend
conditions overall remain bearish so the risk at this stage is still skewed to
the downside. Monday's rejection off the day's high also highlights the bearish
threat in the cross. The break of 121.53 opens immediate support at 121.07/06
ahead of 120.00.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.