Free Trial

Remains Vulnerable Despite........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Remains Vulnerable Despite Bounce
*RES 4: 1.1018 High May 1 and key resistance
*RES 3: 1.0986 High May 4
*RES 2: 1.0918/ 26 50-day EMA / High May 5
*RES 1: 1.0874 20-day EMA
*PRICE: 1.0842 @ 10:34 BST May 8
*SUP 1: 1.0767 Low May 7
*SUP 2: 1.0727 Low Apr 24 and bear trigger
*SUP 3: 1.0723 Low Mar 24
*SUP 4: 1.0636 Low Mar 23 and key support
EURUSD managed to find support off recent lows. Despite the recovery, the
near-term outlook remains bearish following this week's sharp sell-off. Monday's
price pattern was a bearish engulfing Japanese candle pattern and clearly
highlighted the market's sentiment shift to bearish this week. The break of
1.0799, Apr 27 low has exposed 1.0727, Apr 24 low key support. A break would
open 1.0636, Mar 23 low. Firm resistance is at 1.0926.

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.