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US EURODOLLAR TECHS: (Z17) Six Month Rising Support Line Gives Way
*RES 4: 98.655 May 18 high
*RES 3: 98.635 Sep 8 high
*RES 2: 98.600/610 Aug 29 high, Sep 8 low
*RES 1: 98.575 Broken 6 month support line
*PRICE: 98.535 @1055GMT
*SUP 1: 98.520 Jul 25-Jul 26 lows
*SUP 2: 98.495 Jul 6 low, 50% Fibo of 98.335-98.655
*SUP 3: 98.470 Apr 24 low
*SUP 4: 98.455 61.8% Fibo of 98.335-98.655
*COMMENTARY* Failed to take advantage of the break above 98.590/98.600 earlier
in the month, a high of 98.635 before giving up ground again. This culminated in
a drop below the 6 month rising support line last Thursday. This suggests that
there is initially scope for a return towards the Jul 6 low at 98.495, via
98.520 support. In the interim, nearest resistance comes from the broken support
line at 98.575, with 98.600-98.610 above.