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61.8% retracement holds: *RES.....>

EURO-DOLLAR TECHS
MNI (London)
EURO-DOLLAR TECHS: 61.8% retracement holds:
*RES 4: 1.1127/64 1.0% 10-dma envelope / High Aug 26
*RES 3: 1.1098/1104 High Aug 28 / Trendline resistance drawn off the Jun 25 high
*RES 2: 1.1085 High Sep 5
*RES 1: 1.1068 High Sep 9
*PRICE: 1.1012 @ 03:34 GMT Sep 12
*SUP 1: 1.0985 Low Sep 11
*SUP 2: 1.0969 Low Sep 4
*SUP 3: 1.0926 Low Sep 3 and key support
*SUP 4: 1.0919/70 3.0% Lower Boll Band / Bear channel base off Jun 25 high
Despite Wednesday's push lower, EURUSD maintains a bullish outlook. The retreat
back below $1.1000, however, shows it won't be smooth sailing. The recent
pullback has seen the pair retrace 61.8% of the Sep 3 - Sep 5 rally, touching a
low of 1.0985 yesterday. If this support is able to hold, attention will turn to
1.1085, Sep 5 high, where a break opens trendline resistance drawn off the Jun
25 high, at 1.1104. Weakness below 1.0985 would threaten a move to 1.0926.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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