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(U2) Downtrend Extends


Rebounds From Early Dip

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EURO-DOLLAR TECHS: Bears Need Close Below $1.2320
*RES 4: $1.2640 Weekly Bear channel top
*RES 3: $1.2555 2018 High Feb 16
*RES 2: $1.2489 Bollinger band top
*RES 1: $1.2444 High Mar 7
*PRICE: $1.2400 @ 0210GMT
*SUP 1: $1.2364 High Mar 6 now support 
*SUP 2: $1.2320 Hourly support Mar 5 
*SUP 3: $1.2251 Hourly support Mar 2 
*SUP 4: $1.2223 Hourly resistance Mar 1 now support
*COMMENTARY: The recovery from last week's dip below the 55-DMA ($1.2232)
resulted in a pop above the $1.2435 resistance. Bulls now look for a close above
$1.2444 to confirm initial focus on 2018 highs and overall focus to the weekly
bear channel top off 2008 highs. Support layers accumulating adds to bullish
confidence with bears needing a close below $1.2320 to ease bullish pressure and
return focus to $1.2092-1.2153.

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