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EURO-DOLLAR TECHS: What Goes Up Must Come Down
After spiking higher earlier this morning as the BTP market opened, reaching
1.1550 (the 61.8% MTD retracement), EURUSD reversed its gains as BTP-Bund
spreads re-widened. To maintain downward momentum, bears need to break below the
50% Fibo support (from 2016 lows) and the the Oct 9 lows at 1.1448/32 and (from
2016 lows). Below here would open up a move lower to the August lows at 1.1301.
Conversely, bulls need to initially recover 1.1550 before 1.1600 is challenged
to change the short-term downtrend. The next level higher is the 100-dma &
1.618% swing target at 1.1621/32.