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Thursday's rally not enough: *RES....>

EURO-YEN TECHS
EURO-YEN TECHS: Thursday's rally not enough:
*RES 3: 122.32 High Jul 10 and key resistance
*RES 2: 121.85/88 High Jul 15 / 50-dma
*RES 1: 121.25/38 Former channel base drawn off the Jun 3 low / Low Jul 25
*PRICE: 120.85 @ 15:32 GMT Jul 26
*SUP 1: 120.05 Low Jul 25
*SUP 2: 120.00 Psychological round number
*SUP 3: 119.89 3% Lower Bollinger Band
The cross eroded much of Thursday's gains throughout the Friday session,
returning focus to the downside in time for another week of trade. The cross
targets Jul25 lows at 120.05 first and foremost before challenging Bollinger
band support at 119.89. Momentum studies are also pointing south reinforcing the
bearish theme. 120.00 holds the next area of support, ahead of the ytd low of
118.71. The cross continues to trade below the former channel base at 121.25
today. 121.25/38 offers initial resistance ahead of the 50-dma at 121.88.

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