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Bullish engulfing candle: *RES....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bullish engulfing candle:
*RES 4: 1.1250 High Aug 06 and key resistance
*RES 3: 1.1208/13 50-dma and 100-dma
*RES 2: 1.1180/81 Pivotal level & trendline resistance drawn off the Jun 25 high
*RES 1: 1.1158 High Aug 15
*PRICE: 1.1142 @ 03:59 GMT Aug 26
*SUP 1: 1.1114 High Aug 19 and former resistance
*SUP 2: 1.1052 Low Aug 23
*SUP 3: 1.1027 Low Aug 1 and key support
*SUP 4: 1.1000/0997 Psychological level / Channel base drawn off the Jan 10 high
EURUSD spiked sharply higher through the initial resistance at 1.1114 Friday,
triggering a near-term bullish reversal signal in the shape of a bullish
engulfing candle. The focus is now on the pivotal resistance at 1.1180. A break
here would reinforce a bullish outlook and confirm a break above trendline
resistance drawn off the Jun 25 high, at 1.1181. This would open 1.1250, the Aug
6 high. Initial support is now placed at 1.1114 ahead of 1.1052.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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