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Bears win tug of war (for now):...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bears win tug of war (for now):
*RES 3: 1.1164 High Aug 26
*RES 2: 1.1133/50 2% Upper Bollinger Band / 1.0% 10-dma envelope
*RES 1: 1.1083/1109 Channel resistance drawn off May 26 high / High Sep 12
*PRICE: 1.1017 @ 19:22 GMT Sep 18
*SUP 1: 1.0990 Low Sep 17
*SUP 2: 1.0927/26 Low Sep 12 and Sep 3
*SUP 3: 1.0914 3.0% Lower Bollinger Band
The Fed decision proved USD positive, lending some support to bears, who
pressured prices back below the 1.1050 mark. Nonetheless, Wednesday's session
stopped short of any breakout, leaving recent support/resistance levels in tact.
A bearish theme still dominates overall following Friday's price action, in
candle terms a shooting star that warned of a top and Tuesday's pattern, a
bearish engulfing reinforcing recent bearish developments. Prices remain below
channel resistance drawn off the Jun 25 high. To reinstate a bullish outlook, a
break of Friday's 1.1109 high is required.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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