Free Trial

Doji Reversal Defines The Low.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Doji Reversal Defines The Low
*RES 4: 1.1039 High Apr 1
*RES 3: 1.1018 High May 1 and key resistance
*RES 2: 1.1008 High May 21
*RES 1: 1.0996 High May 26
*PRICE: 1.0958 @ 05:42 BST May 27
*SUP 1: 1.0871 May 25 low and key near-term support
*SUP 2: 1.0800 Low May 18
*SUP 3: 1.0775/67 Low May 14 / Low May 7 and key intraday support
*SUP 4: 1.0727 Low Apr 24 and bear trigger
EURUSD traded higher yesterday as the pair recovered off Monday's 1.0871 low. In
Japanese candle terms, Monday's formation is a doji (open = close). This is a
strong signal and suggests the pullback in price action between May 21 - 25 is
over. The pattern also highlights the Monday low of 1.0871 as a key intraday
support and signals potential for a climb towards key resistance and bull
trigger at 1.1018, May 1 high. Sub 1.0871 levels would expose 1.0800 instead.

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.