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Bull flag formation: *RES 4: 1.1366.....>

MNI (London)
EURO-DOLLAR: Bull flag formation:
*RES 4: 1.1366 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: 1.1226/40 100-dma/50-dma
*PRICE: 1.1208 @ 04:24 GMT Aug 12
*SUP 1: 1.1168 Low Aug 06
*SUP 2: 1.1160 200-hma
*SUP 3: 1.1105 Low Aug 5
*SUP 4: 1.1070/68 Low Aug 02/Lower Boll Band (2%)
EURUSD remains in a 1.1150-1.1250 range which represents a potential bull flag
formation. For bulls to build on the base established off the Aug 1 low of
1.1027, a close above the 100-dma & previously hard to overcome 1.1240/50 area
is required to extend the uptrend. This would open 1.1286, and the trendline
resistance drawn off the Jan 10 high at 1.1366. Support is located at the
200-hma of 1.1160, a break opens the Aug 5 low at 1.1105.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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