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Free AccessCorrecting lower: *RES 4:.........>
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.
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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.