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Bulls watching 1.1288: *RES 4: 1.1376...>

EURO-DOLLAR
MNI (London)
EURO-DOLLAR: Bulls watching 1.1288:
*RES 4: 1.1376 High Jul 1
*RES 3: 1.1322/44 200-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 and bull trigger
*PRICE: 1.1260 @ 03:57 GMT July 16
*SUP 1: 1.1238 Low Jul 12
*SUP 2: 1.1193 Low Jul 9 and key support
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1162 2% lower Bollinger band
A bullish EURUSD tone remains intact. Price action is trading back above the
100-dma and attempting to break above resistance offered by the former channel
support, today at 1.1281. Last Tuesday's candle pattern is a bullish engulfing
reversal. It remains important in that it suggests shift in sentiment has
occurred favouring bulls. 1.1288 is a bull trigger where a break would confirm a
resumption of the uptrend and open 1.1322, the 200-dma. Support is at 1.1238.
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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