Bearish Outlook Intact *RES 3:....>

EURO-DOLLAR TECHS: Bearish Outlook Intact

*RES 3: 1.1039/53 High Apr 1 / High Mar 31

*RES 2: 1.0991 High Apr 15 and the bull trigger

*RES 1: 1.0911 High Apr 16

*PRICE: 1.0862 @ 16:41 BST Apr 21

*SUP 1: 1.0812 Low Apr 17 and intraday bear trigger

*SUP 2: 1.0769 Low Apr 6 and key support

*SUP 3: 1.0761/60 Low Mar 25 / 76.4% retracement of the Mar 23 - 30 rally

EURUSD traded lower for much of the European morning before recovering into the

close flat. The near-term outlook is unchanged and remains bearish. Last week's

pullback, on Apr 15 and 16, follows an inability to convincingly clear the

1.0987, Apr 14 high high and potentially brings to an end the recovery phase

between Apr 6 - 15. The focus is on 1.0769, Apr 6 low where a break would

trigger a deeper slide towards 1.0636, Apr 23 low. On the upside, clearance of

1.0991 is needed to reinstate a bullish tone.