Free Trial

False Break Spillover buying in...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: False Break
Spillover buying in GBPUSD helped buoy the pair to the best levels of the week,
with price action topping out at 1.1188. Nonetheless, markets readily sold the
gains ahead of the close, doing little to change the medium-term technical
outlook. The initial target for bears remains the May 3 low at 1.1135, below
here opens the Apr 26 ytd low & May 30 2017 low at 1.1112/10. Further support is
located on approach to 1.11, ahead of the May 18 2017 low at 1.1076. Bulls need
to recover 1.12 on a closing basis before targeting down trendline resistance
off the Jan high & 55-dma at 1.1241.

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.