Bears targeting 1.1107: *RES 4:...>

EURO-DOLLAR TECHS: Bears targeting 1.1107:

*RES 4: 1.1310/44 200-dma / Low Jun 25

*RES 3: 1.1286/88 High Jul 11 and Jul 5

*RES 2: 1.1244/46 100-dma / cloud top

*RES 1: 1.1193 Low Jul 9

*PRICE: 1.1130 @ 08:25 GMT July 25

*SUP 1: 1.1116 Low May 30

*SUP 2: 1.1107 Low May 23 and bear trigger

*SUP 3: 1.1000 Psychological round number

*SUP 4: 1.0864 76.4% retracement of the Jan 2017-Feb 2018 rally

Soft German IFO data added to the bearish outlook following the recent break of

former key supports at 1.1193 and 1.1181. The underlying bearish tone stems from

the channel breakout on Jul 5 and the subsequent failure to clear resistance in

mid-July. The sell-off on Jul 19 saw bears gain the upper hand. Momentum studies

are bearish too and the focus is now on support at 1.1107, the low of May 23 and

the key bear trigger. 1.1193 is initial resistance.