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Extension from lows continues.....>

EURO-DOLLAR TECHS: Extension from lows continues
*RES 4: 1.1299 200-dma
*RES 3: 1.1281/82/84 High Jul 18/Cloud top/High Jul 15
*RES 2: 1.1256/60 Trendline drawn off Jan 10 high/Cloud base
*RES 1: 1.1229/32/37 100-dma/55-dma/50-dma
*PRICE: 1.1227 @ 02:10 GMT Aug 06
*SUP 1: 1.1188 High Jul 25/21-dma
*SUP 2: 1.1132/28 Low Jul 30 /200-hma
*SUP 3: 1.1117 100-hma
*SUP 4: 1.1102 Low Jul 25
The unwinding of EM carry trades has underpinned over the last 24 hours. Bulls
continue to build on the base established at Thursday's low of 1.1027, and seek
consolidation above the nearby cluster of dma's before setting their sights on
the trendline drawn off the Jan 10 high. Key support remains at the YtD low of
1.1027, although layers are now building above.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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