Bears Focused On Channel Base.....>

EURO-DOLLAR TECHS: Bears Focused On Channel Base

*RES 4: $1.1713 100-DMA 

*RES 3: $1.1690 High Nov 3 

*RES 2: $1.1639 Hourly support Nov 3 now resistance 

*RES 1: $1.1624 High Nov 6

*PRICE: $1.1597 @ 0530GMT

*SUP 1: $1.1554 Low Nov 7 

*SUP 2: $1.1527 Bollinger band base 

*SUP 3: $1.1474 Daily bear channel base 

*SUP 4: $1.1369 High July 5 now support

*COMMENTARY: Bears took comfort in the 100-DMA capping last week with focus on

the bear channel base ($1.1474). O/S daily studies and the Bollinger band base

remain key concerns for bears with a close below $1.1554 now needed to add

weight to their case. Layers of resistance remain with bulls needing a close

above $1.1624 to ease immediate bearish pressure and above the channel top

($1.1749) to shift focus to $1.1813-80.