Free Trial

Channel resistance gives way: *RES...>

EURO-YEN TECHS
EURO-YEN TECHS: Channel resistance gives way:
*RES 4: 120.93 100-dma
*RES 3: 120.71 High Aug 1
*RES 2: 120.05 Low Jul 25
*RES 1: 120.01 Intraday high
*PRICE: 119.72 @ 15:52 GMT Sep 13
*SUP 1: 117.56 Low Sep 12
*SUP 2: 117.28 Low Sep 5
*SUP 3: 116.13 Low Sep 4
*SUP 4: 115.96/87/ Bear channel base / Low Sep 3 and key support
The cross struck fresh highs Thursday post-ECB and extended those gains early
Friday to re-target the 100-dma at 120.93 in the medium-term. This extends the
uptrend, keeping bullish conditions in place. Momentum and S/T moving averages
remain firm, also reinforcing the current bullish tone. Friday's break of the
bear channel top drawn off the Apr 17 high at 119.84 is a significant technical
development. 117.56 is support.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.