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Channel support breached: *RES 4:.......>

MNI (London)
EURO-DOLLAR: Channel support breached:
*RES 4: 1.1376 High Jul 1
*RES 3: 1.1332/44 200-dma / Low Jun 25
*RES 2: 1.1288 High Jul 5
*RES 1: 1.1251 Bull channel support now resistance drawn off the May 30 low
*PRICE: 1.1228 @ 03:55 GMT July 8
*SUP 1: 1.1207 Low Jul 5
*SUP 2: 1.1200 Psychological support
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1107 YTD low May 23
EURUSD sold off sharply on Friday following the payrolls release. This resulted
in a break of the channel support at 1.1246 adding to the bearish tone that has
dominated since the high of Jun 25 . Momentum conditions too are in a bearish
mode. The focus for now is on the 1.1200 handle and 1.1181. Clearance of the
latter level would open 1.1107, the May 23 low. Resistance comes in at Friday's
1.1288 high. Channel support now resistance is at 1.1251. Heavy for now.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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