Free Trial

Retreat Continues, Watching.......>

EURO-DOLLAR TECHS: Retreat Continues, Watching $1.2340-$1.2301 Support
*RES 4: $1.2556 Feb 16 high
*RES 3: $1.2511 Feb 15 high
*RES 2: $1.2450 Hourly congestion Feb 14-16
*RES 1: $1.2416 Hourly recovery high Feb 19
*PRICE: $1.2356 @0925GMT 
*SUP 1: $1.2340/45 Hourly basing area Feb 13-14
*SUP 2: $1.2301 3 month bull channel base
*SUP 3: $1.2276 Feb 14 low
*SUP 4: $1.2234 1% volatility band
*COMMENTARY* $1.2556 was enough for last week, unable to go on and test the
61.8% Fibo retrace level at $1.2598. As a result, has bowed to some overbought
hourly conditions and begun a pullback and some correction of gains seen since
the $1.2206 low from Feb 9. In this respect, with $1.2380 now lost, the next
area of support becomes $1.2340-$1.2301. The latter the 3 month bull channel
base. Meanwhile, $1.2416-$1.2450 are now nearest resistance.

To read the full story



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.