Free Trial

Retains A Bearish Focus *RES 4:...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Retains A Bearish Focus
*RES 4: 1.1179 High Oct 21 and bull trigger
*RES 3: 1.1140 High Nov 5
*RES 2: 1.1093 High Nov 6
*RES 1: 1.1073 Former double top midpoint
*PRICE: 1.1034 05:16 GMT Nov 12
*SUP 1: 1.0994/91 Low Oct 15 / 61.8% of Oct 1 - Oct 21 rally
*SUP 2: 1.0967 Double top projection
*SUP 3: 1.0950 76.4% of Oct 1 - Oct 21 climb
*SUP 4: 1.0904 Oct 2 low
EURUSD retains a bearish focus. This follows last week's move lower where the
break on Nov 5 of 1.1073, Oct 25 low confirmed a double top reversal. This
double top is not a significant reversal, but does highlight a bearish theme for
now and suggests scope for a deeper short-term decline towards 1.0967, the
patterns projection. Look for further weakness to unfold with resistance at
1.1093.

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.