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Bearish engulfing: *RES 4:........>

EURO-DOLLAR TECHS
MNI (London)
EURO-DOLLAR TECHS: Bearish engulfing:
*RES 4: 1.1191 High Aug 14
*RES 3: 1.1164 High Aug 26
*RES 2: 1.1141/42 2% Upper Bollinger Band / 1.0% 10-dma envelope
*RES 1: 1.1109 High Sep 12
*PRICE: 1.1011 @ 04:06 GMT Sep 17
*SUP 1: 1.0994 Low Sep 16
*SUP 2: 1.0927/26 Low Sep 12 and Sep 3
*SUP 3: 1.0914 3.0% Lower Bollinger Band
*SUP 4: 1.0862 76.4% retracement of Jan 2017 - Feb 2018 rally
EURUSD has faltered at the bull channel resistance drawn off the Jun 25 high,
trading on the backfoot once again. Friday's price action in candle terms was a
shooting star (inverted hammer), an early warning of a top. Yesterday's pattern
is a bearish engulfing reversal and reinforces recent bearish developments.
Monday's sell-off refocuses attention on the post-ECB lows at 1.0927. To
reinstate a bullish outlook, a break of Friday's 1.1109 high is required.
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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