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Bearish Engulfing Candle..........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bearish Engulfing Candle Highlights Reversal
*RES 4: 1.1034 200-dma
*RES 3: 1.1018 High May 1 and kay resistance
*RES 2: 1.0986 High May 4
*RES 1: 1.0926 Intraday high
*PRICE: 1.0842 @ 16:35 BST May 5
*SUP 1: 1.0819 Low Apr 29
*SUP 2: 1.0799 Low Apr 27 and key near-term support
*SUP 3: 1.0727 Apr 24 low and bear trigger
*SUP 4: 1.0723 Low Mar 24
EURUSD continues its slide this week and is under pressure following the
judgement of the German Constitutional Court. Note that in technical pattern
terms, Monday's price action is a Japanese bearish engulfing pattern and clearly
highlights the market's current sentiment shift to bearish. The move lower opens
1.0799 next, Apr 27 low. A break of this support would likely expose key support
at 1.0727, Apr 24 low. Initial resistance is at 1.0926.

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