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Needle Still Points South

US TSYS

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Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

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Shooting Star Candle A Warning To Bulls

EURO-DOLLAR TECHS
  • The pair is under pressure this morning.
  • While the trend remains bullish, we do note a potential short-term threat to this outlook.
  • The sell-off yesterday from the day high resulted in a close near session lows confirming a "shooting star" candle pattern.
  • This is a bearish development and a potential warning to bulls.
  • Reinforcing the importance of this pattern is a phase of bearish divergence between price and momentum that has unfolded since Jul 27.
  • This condition suggests gains are unsustainable and highlights the risk that a correction is likely to unfold.
  • The next key support to watch is 1.1754, Aug 21 low. A break would reinforce a bearish threat and expose trendline support at 1.1697, drawn off the May 14 low.
  • Bulls need a break above yesterday's high of 1.2011 to signal a resumption of the uptrend.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com