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Free AccessPrice action Counters Bearish.....>
EURO-DOLLAR TECHS: Price action Counters Bearish Theme
*RES 4: 1.1018 High May 1 and key resistance
*RES 3: 1.0986 High May 4
*RES 2: 1.0911/ 26 50-day EMA / High May 5
*RES 1: 1.0885 High May 8
*PRICE: 1.0874 @ 16:17 BST May 12
*SUP 1: 1.0767 Low May 7 and key intraday support
*SUP 2: 1.0727 Low Apr 24 and bear trigger
*SUP 3: 1.0723 Low Mar 24
*SUP 4: 1.0600 round number support
Having found support at 1.0767 last week, the pair has built from there to top
resistance at 1.0876 Tuesday. This marks Friday's high and counters the
previously bearish theme. This exposes 1.0926, the May 5 high. A breach here
would refocus attention on key resistance at 1.1018, May 1 high. Key support to
watch is 1.0767, a break would resume bearish pressure and open 1.0727, the Apr
24 low.
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