Free Trial

Another Day, Another Low *RES.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Another Day, Another Low
*RES 3: 1.0958 High Feb 10
*RES 2: 1.0926 High Feb 12 and key near-term resistance
*RES 1: 1.0889 High Feb 13
*PRICE: 1.0814 @ 17:05 GMT Feb 18
*SUP 1: 1.0786 Low Feb 18 / 1.0% 10-dma envelope
*SUP 2: 1.0777 1.764 projection of Jan 16 - Jan 29 decline from Feb 3 high
*SUP 3: 1.0702 3.0% Lower Bollinger Band
EUR bears won out again Tuesday as the pair hit a fresh cycle low. Downside
persisted before support was found at the 1.0% 10-dma envelope. This marks key
support going forward. Tuesday's price action is the latest evidence that the
strong impulsive sell-off is still dominating, opening projection support down
at 1.0777. We continue to stress that although the downtrend remains intact, the
trend is steep and the risk of a sharp reversal increases each day. Initial
resistance is at 1.0889.

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.