EURO OVERVIEW -- The December Eurodollar opened higher yesterday morning and traded sideways to higher the entire day to finally settle +.0550 at 97.0400. The other settlements were EDM +.0150 at 97.0425 and EDU +.0350 at 97.6500. EDM & EDU posted their contract highs and EDZ posted a 2-week high. EDM posted a contract high settlement and EDU & EDZ posted their 1-1/2 week high settlements. With yesterday's contract highs (EDM & EDU), the short-term trend is now bullish as all of the contracts are trading at or above the upper boundaries of their 1-month sideways trading ranges. The intermediate-term trend (1-month to 1- year) is bullish as all of the contracts have traded higher over the past year. The long-term trend is also bullish with the Eurodollar trending higher over the past 7-years since posting a 6-year low of 92.7300 (H95) back in Jan of 1995. EDZ02's 9-day RSI rose to 60.3 where it remains neutral.
MOVING AVERAGES -- EDZ02: Settle>3>4>5>9=10>18>20>30>100>50>200
With yesterday's 1-1/2 week high settlement, EDZ remained above all of the averages. EDZ's oscillators strengthened as both the 3-9 day & 5-20 crossed up into positive territory.
VOLUME/OPEN INTEREST -- Tuesday's : 802,305. Tuesday's O.I. +27,734 at 4,387,985. Yesterday's est. volume: 730,489.
SUPPORT/RESISTANCE COMMENT -- EDZ posted a 2-week high at 97.0900. EDZ posted a pit-session low at 97.0150 and posted an overall low at 96.9850 during the Globex session. Resistance should be met at 97.0900, 97.1000, 97.1350 and at 98.2600. Support should be found at 96.9850, 96.7450, 96.6450 and at 96.5000.
SUPPORT/RESISTANCE LEVELS -- EURO FRONT-MONTH FUTURE (EDZ02)
98.2600 All-time high EDH02 (Jan 14) 97.1350 Contract high (11/7/01) 97.1000 6-1/2 month high (May 6) 97.0900 2-week high (Yesterday) 97.0850 6-1/2 month high settle (May 5) *97.0400 1-1/2 week high settle (Wednesday) & Pivot Point 97.0150 Yesterday's pit-session low 96.9850 Yesterday's overall low (Globex) 96.7450 1-month low (Last Wednesday) 96.6450 1-1/4 month low (Apr 19) 96.6050 100-day average 96.5850 50-day average 96.5000 1-1/2 month low (Apr 16) 96.3050 200-day average 96.2350 1-1/2 month low (Apr 5) 96.0600 1-3/4 month low (Mar 28) 95.9300 5-1/2 month low (Mar 21) 95.8000 5-3/4 month low (12/06/01) 95.6750 7-1/2 month low (11/27/01) 95.1900 9-1/4 month low (9/04/01) 94.3600 11-3/4 month low (6/29/01) 94.2650 1-year low (5/21/01) 94.1400 1-1/4 year low (2/16/01) 93.2000 1-1/3 year low (10/06/00) 92.7600 1-3/4 year low (7/19/00)
RETRACEMENT--EURO FRONT-MONTH FUTURE (EDZ02)
1-year 2.8700 point upmove from 94.2650 (5/21/01) to 97.1350 (11/7/01)
51% retrace (11/27/01 low) 95.6750
HIGH 1/4 1/3 .382 1/2 .618 2/3 3/4 LOW 97.1350 96.4200 96.1800 96.0400 95.7000 95.3600 95.2200 94.9850 94.2650
SUPPORT/RESISTANCE LEVELS -- EURO BACK-MONTH FUTURE (EDU02)
97.6850 Contract high (Yesterday) 97.6600 Contract high settle (May 10) *97.6500 1-1/2 week high settle (Wednesday) & Pivot Point 97.6200 Yesterday's pit-session low 97.6100 Yesterday's overall low (Globex) 97.4200 3-week low (May 9 & May 2) 97.2800 1-month low (Apr 19) 97.2150 50 & 100-day averages 97.1150 1-1/4 month low (Apr 16) 96.8800 1-1/2 month low (Apr 5) 96.8750 200-day average 96.7100 2-month low (Apr 1) 96.6450 5-1/2 month low (Mar 22 & 25) 96.4700 6-month low (12/6/01) 96.2900 9-month low (11/27/01) 96.2100/96.1400 GAP| 9/13/01 low/ 9/11/01 high 95.5900 9-1/4 month low (9/4/01) 95.4750 9-1/2 month low (8/18/01) 95.3200 10-month low (8/3/01) 94.7000 11-3/4 month low (6/29/01) 94.6250 1-year low settle (5/21/01) 94.5500 15-1/2 month low (5/22/01) 94.3100 1-1/4 year low (2/15/01) 92.2800 5-1/4 year low (5/1/00) 90.9100 Contract low (11/7/94)
RETRACEMENT--EURO BACK-MONTH FUTURE (EDU02)
1-year 3.1350 point upmove from 94.5500 (5/22/01) to 97.6850 (5/10/02)
HIGH 1/4 1/3 .382 1/2 .618 2/3 3/4 LOW 97.6850 96.8850 96.6250 96.4750 96.1150 95.7400 95.5900 95.3300 94.5500