Free Trial

(M18) Break Above 6 Month.......>

US EURODOLLAR TECHS
US EURODOLLAR TECHS: (M18) Break Above 6 Month Downtrend, Has 97.735-97.740 Next
*RES 4: 97.770 76.4% Fibo of 97.820-97.595
*RES 3: 97.735/740 61.8% of 97.820-97.595, Mar 27-28 highs 
*RES 2: 97.715 Hourly congestion May 14-15
*RES 1: 97.695 May 18 high
*PRICE: 97.675 @1046GMT
*SUP 1: 97.650 Hourly support
*SUP 2: 97.625 Congestion area Apr 18-May 3
*SUP 3: 97.585/595 Jun 29 2015 low, May 8 low
*SUP 4: 97.560 1.618 swing of 97.630-97.740
*COMMENTARY* Saw a move back above the 6 month falling resistance line last week
and this has moved lower by time this, to 97.590. Back above here encourages,
and we have subsequently seen a return towards 97.735-97.740. The former a 61.8%
Fibo retrace level, the latter the Mar 27-28 highs. Will need an eventual break
through here, before gains can be extended toward 97.770 next. Support 97.650
but it is 97.625 that currently protects against a 97.595 return.

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.