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Free AccessBull channel key focus for........>
EURO-DOLLAR TECHS: Bull channel key focus for bulls:
*RES 3: 1.1489 High Feb 1
*RES 2: 1.1434/48 Bull channel top and High Mar 20
*RES 1: 1.1412 High Jun 25
*PRICE: 1.1375 @ 16:00 GMT June 28
*SUP 1: 1.1344/42 Low Jun 25/200-dma
*SUP 2: 1.1320 200-hma
*SUP 3: 1.1318 High Jun 20/Down trendline from Jan 10
Strong French CPI data amid the backdrop of a weaker dollar boosted the euro
towards 1.14, a level that has so far proved hard to overcome. Tuesday saw the
pair stall at the top of its bull channel at 1.1408 that day, printing a high of
1.1412 before retreating. At this stage, with the bull trend intact, the failure
at 1.1400 is seen as a temporary setback with some consolidation possible
near-term. For bulls, a move above 1.1412 would confirm a resumption of the
uptrend, opening 1.1448 and 1.1489. Note that today, the bull channel top
intersects at 1.1434. First support is at 1.1344/42.
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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.