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Forming a base?: *RES 4:..........>

MNI (London)
EURO-DOLLAR TECHS: Forming a base?:
*RES 4: 1.1320/44 200-dma / Low Jun 25
*RES 3: 1.1302 50% retracement of the Jun 25-Jul 9 sell-off
*RES 2: 1.1286/88 High Jul 11 and Jul 5 / Bull trigger
*RES 1: 1.1250/63 100-dma / High Jul 16
*PRICE: 1.1240 @ 03:46 GMT July 18
*SUP 1: 1.1200 Low Jul 17
*SUP 2: 1.1193 Low Jul 9 and key support
*SUP 3: 1.1181 Jun 18 low
*SUP 4: 1.1162 2% lower Bollinger band
EURUSD based at 1.1200, before staging a recovery to 1.1220/25 that has also
extended in Asia. The engulfing candle pattern of Jul 10 remains valid as a
bullish signal. However gains above the 100-dma and more importantly above
resistance at 1.1286/88 is required to trigger a fresh wave of bullish interest.
A failure to consolidate recent gains would concern bulls and again expose key
support at 1.1193, the low of Jul 9. Below 1.1193 opens 1.1181 and 1.1162.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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