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Free AccessBullish engulfing candle: *RES....>
EURO-DOLLAR TECHS: Bullish engulfing candle:
*RES 4: 1.1376 High Jul 1
*RES 3: 1.1326/44 200-dma / Low Jun 25
*RES 2: 1.1302 50% retracement of the Jun 25-Jul 9 sell-off
*RES 1: 1.1288 High Jul 5
*PRICE: 1.1274 @ 08:23 GMT July 11
*SUP 1: 1.1251 Intraday low
*SUP 2: 1.1193 Low Jul 9
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1149 2% lower Bollinger band
As dollar sales spilled over into Asia/Europe, EURUSD extended its recovery back
above the 100-dma & former channel support at 1.1266. Note that yesterday's
candle pattern is a bullish engulfing reversal and suggests that a stronger
short-term shift in sentiment has occurred, favouring bulls. Resistance is at
1.1288, the high of Jul 7. A break would open the 200-dma at 1.1326. First
support lies at 1.1251.
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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.