Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "Weekly chart shows the reversal this week, but failure to rebound above $1.24 and then $1.25 fairly soon will expect a move right back to down to $1.20."
STERLING/DOLLAR: "Cable's head-and-shoulders formation has been textbook thus far. A close below $1.7850 expects an accelerated move to $1.7460 initially. Resistance at $1.81."
DOLLAR/YEN: "Unchanged in dollar/yen, still awaiting a close below 109 before support at 108. Euro/yen has reversed higher this week as support was found ahead of 131, although a lower-high would resume downward pressure."
EURO/DOLLAR: "If the strong resistance at $1.2220 gives way, then look for a run to the resistance between $1.2260 and then at $1.2280. A rally to $1.2320 then becomes more likely. There is a distant pivotal high at $1.2389. "Only a break below the $1.2120 support would signal a decline to $1.2040. Below this level, the euro/dollar still has support at $1.1893. Distant support remains at $1.1840 from a Fibonacci retracement level."
DOLLAR/YEN: "The key support remains 109.15, with its target of 109.65 and 108.65. A break below 108.65 would target the pivotal support at 108.08.
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