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Bounce Lacks Conviction *RES 3:...>

EURO-DOLLAR TECHS: Bounce Lacks Conviction
*RES 3: 1.0958 High Feb 10
*RES 2: 1.0926 High Feb 12 and key near-term resistance
*RES 1: 1.0889 High Feb 13
*PRICE: 1.0815 @ 09:38 GMT Feb 21
*SUP 1: 1.0732 1.0% 10-dma envelope
*SUP 2: 1.0777 1.764 projection of Jan 16 - Jan 29 decline from Feb 3 high
*SUP 3: 1.0628 3.0% Lower Bollinger Band
Friday's PMI-inspired bounce looks uninspirational and is unlikely to stir any
upside breakout just yet. The impulsive losing streak for the single currency is
still weighing heavy. Should new lows be printed today, that will mark the
longest sequence of daily lower lows for the pair since the EUR's adoption. This
is raising the bar further for bulls to arrest this decline, with the 1.0%
10-dma envelope remaining key support going forward. We continue to stress that
although the downtrend remains intact, the trend is steep and the risk of a
sharp reversal increases each day. Initial resistance is at 1.0889.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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