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Candle pattern suggest gains......>

EURO-DOLLAR TECHS
MNI (London)
EURO-DOLLAR TECHS: Candle pattern suggest gains are likely:
*RES 4: 1.1376 High Jul 1
*RES 3: 1.1325/44 200-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: 1.1270 @ 04:13 GMT July 12
*SUP 1: 1.1245 Low Jul 11
*SUP 2: 1.1193 Low Jul 9 and key support
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1149 2% lower Bollinger band
EURUSD is bullish following this weeks bounce off 1.1193, the low of Jul 9.
Price action has also moved back above the 100-dma and is again pressuring the
resistance offered by the former channel support, today at 1.1271. Tuesday's
candle pattern is a bullish engulfing reversal suggesting a stronger short-term
shift in sentiment has occurred, favouring bulls. Resistance is at 1.1288 where
a break would open the 200-dma at 1.1325. Support lies at 1.1245.
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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