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Free AccessCurrent Consolidation Still.......>
EURO-DOLLAR TECHS: Current Consolidation Still Looks Like A 4th Wave Recovery
*RES 4: $1.1661 38.2% Fibo of $1.1852-$1.1543
*RES 3: $1.1645 Intraday high
*RES 2: $1.1620 Initial intraday pullback low, now resistance
*RES 1: $1.1575/85 Hourly resistance
*PRICE: $1.1536 @0927GMT
*SUP 1: $1.1510 May 29 low
*SUP 2: $1.1480 1.618 swing $1.1543-$1.1645
*SUP 3: $1.1465 2% volatility band
*SUP 4: $1.1448 50% Fibo of $1.0340-$1.2556
*COMMENTARY* A combination of the Jun 7 bearish 'Shooting Star' candle close and
last week the upper 1% volatility band, conspired to send us down and back
towards the year's previous $1.1510 low. The current consolidation looks like a
4th wave, ahead of another push lower, which on a loss of $1.1510 would target
$1.1480-$1.1448 next. Meanwhile, $1.1575-$1.1620 provides resistance, above
$1.1645 would allow a higher correction of losses from $1.1840-$1.1852.
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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.