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Free AccessDouble Top Reversal Extends.......>
EURO-DOLLAR TECHS: Double Top Reversal Extends
*RES 4: 1.1192 200-DMA
*RES 3: 1.1179 High Oct 21 and bull trigger
*RES 2: 1.1140 High Nov 5
*RES 1: 1.1093 High Nov 6
*PRICE: 1.1041 18:18 GMT Nov 7
*SUP 1: 1.1023/29 Low Oct 16 / 50.0% of Oct 1 - Oct 21 climb
*SUP 2: 1.0991 Low Oct 15
*SUP 3: 1.0967 Double top projection
*SUP 4: 1.0950 76.4% of Oct 1 - Oct 21 climb
EURUSD selling pressure has dominated today. The sell-off this week has seen
prices clear former support at 1.1073 to confirm a double top reversal. The
double top confirmation is not a significant reversal, but does suggest scope
for a deeper S/T decline towards 1.0967, the patterns projection. Resistance for
now is seen at 1.1093, Wednesday's high however a break above 1.1140, Tuesday's
high is needed to ease the bearish pressure. Heavy for now.
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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.