Free Trial

Correction Reaches Toward 61.8%...>

EURO-DOLLAR TECHS: Correction Reaches Toward 61.8% Fibo Retrace
*RES 4: $1.2435/46 1% volatility band, Mar 7, Mar 8 highs 
*RES 3: $1.2405/10 Congestion area Mar 7-Mar 8
*RES 2: $1.2385 Mar 7 low, now resistance
*RES 1: $1.2340/45 Hourly resistance
*PRICE: $1.2329 @0850GMT 
*SUP 1: $1.2285/90 Hourly support
*SUP 2: $1.2266/69 61.8% of $1.2155-$1.2446, Mar 5 low
*SUP 3: $1.2222/24 Initial high Mar 1, 76.4% $1.2155-$1.2446
*SUP 4: $1.2189 1% volatility band
*COMMENTARY* The combination of resistance from the upper 1% volatility band and
the base of the previously broken 4 month bull channel, proved a bridge too far
last week. A dual $1.2446 high before succumbing to downside pressure,
heightened by the loss of $1.2365 support. A low of $1.2273 so far, just ahead
of the 61.8% retrace level at $1.2366, this of recent gains from $1.2155.
Meantime, $1.2340-$1.2345 acts as resistance with $1.2385-$1.2410 above.

To read the full story



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.