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

MNI (London)
EURO-DOLLAR TECHS: Bull flag formation:
*RES 4: 1.1364 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: 1.1223/37 100-dma/50-dma
*PRICE: 1.1170 @ 04:07 GMT Aug 14
*SUP 1: 1.1162 Low Aug 12
*SUP 2: 1.1105 Low Aug 5
*SUP 3: 1.1070 Low Aug 02 / Lower Boll Band (2%)
*SUP 4: 1.1027 Low Aug 1 and key support
EURUSD consolidates, with no change to the outlook. The pair is locked in a
1.1150-1.1250 range, seen as a potential bull flag. For bulls to extend the
bounce off the 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. This would open 1.1286,
and trendline resistance drawn off the Jan 10 high at 1.1364. Support is located
1.1162, a break would open the Aug 5 low of 1.1105.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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