Free Trial

Rally Still Respecting Channel....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rally Still Respecting Channel Top & Upper 2% Volatility Band
*RES 4: $1.2376 1.618x $1.1554-$1.1961 from $1.1717
*RES 3: $1.2323/29 Oct 2008 low, 3 month bull channel proj'n
*RES 2: $1.2288 Hourly recovery high Jan 117
*RES 1: $1.2265 Intraday high
*PRICE: $1.2242 @1650GMT 
*SUP 1: $1.2165 Jan 17 low, hourly high/low Jan 12
*SUP 2: $1.2089/93 Jan 4, Sep 8 highs, now support
*SUP 3: $1.2059/67 Jan 11 high, initial high Jan 12
*SUP 4: $1.2018 Jan 10 high, now support
*COMMENTARY* Still tilting it's cap to both the 3 month bull channel top and
also the upper 2% volatility band. These today are at $1.2329 and $1.2347
respectively. After reaching $1.2323 on Wednesday, some extremely overbought
hourly conditions have produced a $1.2165 pullback. This a 38.2% Fibo retrace of
recent gains from $1.1916. While above, look to $1.2265 and more importantly
$1.2288 for clues. Need back above the latter to reduce further downside risk. 

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.