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Bullish Engulfing Reversal *RES...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bullish Engulfing Reversal
*RES 4: 1.1014 High Feb 6
*RES 3: 1.0958 High Feb 10
*RES 2: 1.0926 High Feb 12 and key near-term resistance
*RES 1: 1.0864 High Feb 21
*PRICE: 1.0821 @ 05:20 GMT Feb 24
*SUP 1: 1.0778 Low Jan 20 and key support
*SUP 2: 1.0735 1.0% 10-dma envelope
*SUP 3: 1.0640 3.0% Lower Bollinger Band
*SUP 4: 1.0627 2.0% lower 10-dma envelope
EURUSD finally managed to break the extended sequence of lower lows Friday.
Whether a trend low has been defined though remains to be seen. Friday's
PMI-inspired bounce is interesting from a Japanese candlestick perspective as
the price pattern confirmed at the close is a bullish engulfing reversal. For
this pattern to remain intact, support at 1.0778 needs to remain intact. For
bulls to develop from here, 1.0864 needs to give way to open 1.0926.

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