Free Trial

Bottoming Out

EURO-STERLING TECHS
  • RES 4: 0.9196 2.0% 10-dma envelope
  • RES 3: 0.9184 61.8% Fibonacci retracement of the Mar - Apr decline
  • RES 2: 0.9176 High Jun 29 and the bull trigger
  • RES 1: 0.9148 High Jul 27
  • PRICE: 0.8995 @ 05:00 BST Aug 12
  • SUP 1: 0.8982 Low Aug 3
  • SUP 2: 0.8938 Low Jul 10 and the key near-term support
  • SUP 3: 0.8925 100-dma
  • SUP 4: 0.8913 Low Jun 16

Thursday's dip lower was largely erased ahead of the weekly close, but Tuesday trade followed Monday's lead to stay weaker. To the upside, rallies continue to stop short of 0.9059, which remains first resistance. Bulls will remain shaky until progress is made above 0.9148 (Jul 27 high). A break above here open 0.9176, Jun 29 high initially. 0.8938 is the key near-term support.

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.