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Bullish pennant formation: *RES...>

EURO-DOLLAR TECHS
MNI (London)
EURO-DOLLAR TECHS: Bullish pennant formation:
*RES 4: 1.1135/64 1.0% 10-dma envelope / High Aug 26
*RES 3: 1.1110 Trendline resistance drawn off the Jun 25 high
*RES 2: 1.1098 High Aug 28
*RES 1: 1.1085 High Sep 5
*PRICE: 1.1050 @ 03:55 GMT Sep 11
*SUP 1: 1.1016 Low Sep 9
*SUP 2: 1.0969 Low Sep 4
*SUP 3: 1.0926 Low Sep 3 and key support
*SUP 4: 1.0919/70 3.0% Lower Boll Band / Bear channel base off Jun 25 high
EURUSD outlook remains bullish following last weeks rebound off 1.0926, Sep 3
low. The recent consolidation appears to be taking the shape of a pennant, a
bullish continuation pattern in this instance. The focus is on 1.1085, Sep 5
high, where a break would open trendline resistance drawn off the Jun 25 high,
at 1.1110. This marks the next key hurdle for bulls. A return below 1.1000 would
concern bulls, the first significant support though is at 1.0969.
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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