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(Z17) Pressure Remains On Key...>
US EURODOLLAR TECHS: (Z17) Pressure Remains On Key 98.495 Support
*RES 4: 98.635 Sep 8 high
*RES 3: 98.610 Sep 8 low, now resistance
*RES 2: 98.600 Aug 29 high, broken 6 month support line
*RES 1: 98.540/545 Sep 14 low, Sep 20 high
*PRICE: 98.505 @1000GMT
*SUP 1: 98.490/495 Sep 21 low, 50% Fibo of 98.335-98.655
*SUP 2: 98.470 Apr 24 low
*SUP 3: 98.455 61.8% Fibo of 98.335-98.655
*SUP 4: 98.410 76.4% Fibo of 98.335-98.655
*COMMENTARY* Failed to take advantage of the break above 98.590/98.600 earlier
last month, a high of 98.635 before giving up ground again. This culminated in a
drop below the 6 month rising support line, which then gave the scope for a
return towards the Jul 6 low at 98.495. In the interim, nearest resistance comes
from 98.540-98.545 and then the broken support line and Aug 29 high at 98.600.
Below 98.495 and 98.455 is next attraction.
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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.