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Bulls Retake Control

EURO-DOLLAR TECHS
  • RES 4: 1.2138 3.0% 10-dma envelope
  • RES 3: 1.2000 Psychological round number
  • RES 2: 1.1978 1.236 proj of May 7 - Jun 10 rally from Jun 19 low
  • RES 1: 1.1909 High Jul 31
  • PRICE: 1.1875 @ 05:22 BST Aug 6
  • SUP 1: 1.1696 Low Aug 3
  • SUP 2: 1.1647/1639 20-day EMA / Low Jul 27
  • SUP 3: 1.1581 Low Jul 24
  • SUP 4: 1.1541 Low Jul 23

Bulls retained the upper hand throughout Wednesday trade, hitting a new weekly high at 1.1900. With a close and hold above $1.18, bulls are geared for further gains, with 1.1909 the initial target. Momentum indicators are flashing overbought for now - but have been since the middle of July. Any persistent move higher will focus on 1.1978, a Fibonacci projection and the psychological 1.2000 handle.

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