Free Trial

(U18) Key 97.475 Level Holds....>

US EURODOLLAR TECHS
US EURODOLLAR TECHS: (U18) Key 97.475 Level Holds And Prompts Recovery
*RES 4: 97.640 May 29 high
*RES 3: 97.600 76.4% Fibo of 97.640-97.475
*RES 2: 97.575 May 14 high, 61.8% of 97.640-97.475
*RES 1: 97.560 Jun 7 high
*PRICE: 97.530 @1030GMT
*SUP 1: 97.495/500 Hourly support
*SUP 2: 97.475 Apr 25, May 8 lows
*SUP 3: 97.425 50% Fibo of 95.695-99.155
*SUP 4: 97.375 1.618 swing of 97.475-97.640
*COMMENTARY* Saw a move back above the 9 month falling resistance line earlier
last month and this has been the precursor to some recovery. We have
subsequently seen a rally back to 97.640 where the rally stalled. As a result,
last Wednesday saw a loss of 97.500 support, although the decline has so far
been held by the stronger 97.475 level. This remains key to overall direction.
Nearest resistance 97.560-97.575, although above 97.600 needed for impetus.

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.