Below 55-DMA To Confirm...........>

EURO-DOLLAR TECHS: Below 55-DMA To Confirm Correction

*RES 4: $1.2033 High Sept 20

*RES 3: $1.1961 High Nov 27

*RES 2: $1.1940 High Dec 1

*RES 1: $1.1884 Alternating hourly support/resistance

*PRICE: $1.1836 @ 0530GMT

*SUP 1: $1.1797 100-DMA 

*SUP 2: $1.1767 55-DMA 

*SUP 3: $1.1713 Low Nov 21 

*SUP 4: $1.1690 High Nov 3 now support

*COMMENTARY: The daily bull channel top ($1.2066) capped last week and now sees

the pair trading below the channel base ($1.1861) and pressuring key DMAs. Bears

continue to look for a close below the 55-DMA to confirm an easing of bullish

pressure and below $1.1690 to confirm initial focus on $1.1552 Nov lows. Layers

of resistance are weighing with bulls needing a close above $1.1884 to ease

bearish pressure.