Free Trial

Bull flag formation: *RES 4:......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bull flag formation:
*RES 4: 1.1365 Trendline resistance drawn off the Jan 10 high
*RES 3: 1.1281/84/86 High Jul 18/High Jul 15/High Jul 11
*RES 2: 1.1250/60 High Aug 06 / Cloud base
*RES 1: 1.1224/38 100-dma/50-dma
*PRICE: 1.1182 @ 15:53 GMT Aug 13
*SUP 1: 1.1175 200-hma
*SUP 2: 1.1162 Low Aug 12
*SUP 3: 1.1105 Low Aug 5
*SUP 4: 1.1070 Low Aug 02 / Lower Boll Band (2%)
EURUSD remains locked in a 1.1150-1.1250 range, seen as a potential bull flag.
For bulls to build on the base established off the Aug 1 low of 1.1027, a close
above the 100-dma and previously hard to overcome 1.1240/50 area is required to
extend the uptrend. This would open 1.1286, and trendline resistance drawn off
the Jan 10 high at 1.1365. Support is located around the 200-hma at 1.1173, a
break opens the Aug 5 low of 1.1105.

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.