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Yen Slips On Better Risk Appetite


A$ Holding Near Recent Highs


Bear Cycle Still In Play

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(H2) Remains Above Key S/T Support

  • RES 4: 4426.80 1.382 proj of the Nov 30 - Dec 8 - 20 price swing
  • RES 3: 4400.00 Round number resistance
  • RES 2: 4392.50 High Nov 18 and key resistance
  • RES 1: 4324.50/81.50 High Jan 13 / High Jan 5 and the bull trigger
  • PRICE: 4267.00 @ 05:43 GMT Jan 17
  • SUP 1: 4232.00/4216.50 50-day EMA / Low Jan 10 and key support
  • SUP 2: 4161.80 61.8% retracement of the Dec 20 - Jan 5 rally
  • SUP 2: 4109.90 76.4% retracement of the Dec 20 - Jan 5 rally
  • SUP 4: 4026.00 Low Dec 20

The sell-off between Jan 5 - 10 in the EUROSTOXX 50 contract is considered corrective. Bullish conditions remain intact following a strong recovery between Dec 20 - Jan 5. The contract has also recently found support at the 50-day EMA - the EMA intersects at 4232.00 today. A resumption of gains would refocus attention on key resistance at 4392.50. Key support to watch is at 4216.50, the Jan 10 low. A break would be bearish.

MNI London Bureau | +44 203-586-3805 |

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