Free Trial

Channel top repels bulls: *RES....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Channel top repels bulls:
*RES 3: 1.1164 High Aug 26
*RES 2: 1.1111/52 2% Upper Bollinger Band / 1.0% 10-dma envelope
*RES 1: 1.1072/1109 Channel resistance drawn off May 26 high / High Sep 12
*PRICE: 1.1001 @ 15:41 GMT Sep 20
*SUP 1: 1.0990 Low Sep 17
*SUP 2: 1.0927/26 Low Sep 12 and Sep 3
*SUP 3: 1.0925 3.0% Lower Bollinger Band
EURUSD continues to trade just below the key channel resistance drawn off the
Jun 25 high, which succeeded in repelling bulls Friday. From a trend
perspective, a bearish outlook still dominates overall. Recent candle patterns,
a shooting star on Sep 13 warned of a top and Tuesday's bearish engulfing
reinforces recent bearish developments. To turn bullish, a break of the 1.1109
high of Sep 13 is required. This would confirm a reversal. 1.0990, Sep 17 low is
a bear trigger.

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.