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Correcting lower: *RES 4:.........>

MNI (London)
EURO-DOLLAR TECHS: Correcting lower:
*RES 4: 1.1362 Trendline resistance drawn off the Jan 10 high
*RES 3: 1.1281/84/86 High Jul 18/High Jul 15/High Jul 11
*RES 2: 1.1250/60 High Aug 06 / Cloud base
*RES 1: 1.1222/33 100-dma/50-dma
*PRICE: 1.1147 @ 03:46 GMT Aug 15
*SUP 1: 1.1131 Low Aug 14
*SUP 2: 1.1112/05 61.8% of the Aug 1-Aug 6 rally / Low Aug 5
*SUP 3: 1.1078 Low Aug 02 / Lower Boll Band (2%)
*SUP 4: 1.1027 Low Aug 1 and key support
EURUSD traded lower yesterday breaching 1.1162 support. This negates the bull
flag formation highlighted this week. The focus is on support at 1.1112/05,
61.8% of the Aug 1-Aug 6 rally and the Aug 5 low. While these hold, the current
pullback is still potentially a correction. For bulls to extend the recovery off
the Aug 1 low of 1.1027, a close above the 100-dma and the 1.1250/60 area is
required and would open 1.1281. Failure to hold above 1.1112/05 exposes 1.1027.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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