Free Trial

Back Under Pressure,..............>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Back Under Pressure, $1.2029-$1.1990 Next Region Of Support
*RES 4: $1.2182 Apr 24 low, now resistance
*RES 3: $1.2139 Apr 30 high
*RES 2: $1.2106 Apr 30 hourly recovery high
*RES 1: $1.2085/95 Hourly resistance
*PRICE: $1.2030 @0917GMT 
*SUP 1: $1.2029 11 week bear channel base projection
*SUP 2: $1.1990 1.618 projection target from $1.2415
*SUP 3: $1.1954/61 2% vol, swing $1.2155-$1.2477, Nov 27 high  
*SUP 4: $1.1937 61.8% Fibo of $1.1554-$1.2556
*COMMENTARY* Friday saw the 50% Fibo retrace level at $1.2055 offer some support
to the decline from the Apr 17 high at $1.2415. The subsequent bounce reached
$1.2139 but without any real conviction and once again the downside is back
under pressure. Beneath $1.2055 and look to the $1.2029-$1.1990 area for next
support and protection to $1.1961-$1.1954. Nearest resistance now
$1.2085-$1.2106 but above that $1.2139 now needed for respite.

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.