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Free AccessFocus Still On Trendline..........>
EURO-DOLLAR TECHS: Focus Still On Trendline Resistance
*RES 4: 1.1143 High Jan 17
*RES 3: 1.1118 High Jan 21
*RES 2: 1.1107 Trendline drawn off the Dec 31 high
*RES 1: 1.1096/99 High Jan 31 / 50-dma
*PRICE: 1.1059 @ 16:31 GMT Feb 3
*SUP 1: 1.1017 Low Jan 31
*SUP 2: 1.0992 Low Jan 29
*SUP 3: 1.0981 Low Nov 29 and key support
*SUP 4: 1.0952/42 Low Oct 9 / 1.0% Lower 10-dma Envelope
EURUSD found some resistance Monday. The bounce Friday does threaten the recent
bearish outlook however before any reversal is confirmed, price needs to clear
trendline resistance at 1.1107, drawn off the Dec 31 high. Until then gains are
likely a correction with attention on the late Nov low of 1.0981. Clearance of
the trendline would alter the picture and instead signal a shift in sentiment
opening 1.1118 and 1.1143. Initial support lies at Friday's 1.1017 low.
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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.