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Bullish Engulfing *RES 4:.........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bullish Engulfing
*RES 4: 1.1014 High Feb 6
*RES 3: 1.0958 High Feb 10
*RES 2: 1.0926 High Feb 12 and key near-term resistance
*RES 1: 1.0864 High Feb 21 / 24
*PRICE: 1.0855 @ 16:10 GMT Feb 24
*SUP 1: 1.0778 Low Jan 20 and key support
*SUP 2: 1.0730 1.0% 10-dma envelope
*SUP 3: 1.0640 3.0% Lower Bollinger Band
*SUP 4: 1.0621 2.0% lower 10-dma envelope
EURUSD found some support off the Monday low. The pair finally managed to break
the extended sequence of lower lows Friday. Whether a trend low has been defined
though remains to be seen. Friday's bounce is interesting from a Japanese
candlestick perspective as the price pattern confirmed at the close is a bullish
engulfing reversal. For this pattern to hold, support at 1.0778 needs to remain
intact. Bulls are looking for a break of 1.0864 to open 1.0926.

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