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Bullish engulfing reversal:.......>

EURO-DOLLAR TECHS
MNI (London)
EURO-DOLLAR TECHS: Bullish engulfing reversal:
*RES 4: 1.1376 High Jul 1
*RES 3: 1.1327/44 200-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: 1.1276 @ 04:14 GMT July 11
*SUP 1: 1.1251 Intraday low
*SUP 2: 1.1193/92 Low Jul 9 / cloud base
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1152 2% lower Bollinger band
Fed Chair Powell's remarks yesterday, pressured the dollar across the board.
EURUSD has continued to push higher in Asia trading 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.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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