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(Z2) Bearish Following Breach Of Key Support


$16.75B Priced Tue-Thu


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Bullish Breakout? *RES 3:.........>

EURO-DOLLAR TECHS: Bullish Breakout?
*RES 3: 1.1063 61.8% retracement of the Dec 31 - Feb 20 low
*RES 2: 1.1008/14 High Feb 6 / Trendline resistance drawn off the Dec 31 high
*RES 1: 1.1006 High Feb 27
*PRICE: 1.0977 @ 16:58 GMT Feb 27
*SUP 1: 1.0878 Intraday low
*SUP 2: 1.0830 Low Feb 25
*SUP 3: 1.0805 Low Feb 24
The pair careened higher throughout the Thursday session, hitting a new recovery
high just above 1.10. EUR/USD is now nearing critical resistance at the 1.1008/9
level, which marks the intersection of trendline resistance drawn off the Dec 31
high and the 50% retracement of the sell-off between Dec 31 and Feb 20. A break
above here would reinforce the current rally. 1.0778, the Feb 20 is a key
support with initial support at 1.0878, today's intraday low. 1.0926, Feb 12
high has been cleared, the focus is on 1.0981 next, Nov 29 low.

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