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Bullish Engulfing Still In Play...>

EURO-DOLLAR TECHS: Bullish Engulfing Still In Play
*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: 1.0872 High Feb 24
*PRICE: 1.0855 @ 05:40 GMT Feb 25
*SUP 1: 1.0778 Low Jan 20 and key support
*SUP 2: 1.0730 1.0% 10-dma envelope
*SUP 3: 1.0634 3.0% Lower Bollinger Band
*SUP 4: 1.0621 2.0% lower 10-dma envelope
EURUSD continues to find support for now and is holding onto gains achieved
following the recovery off last week's low. Whether a trend low has been defined
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,
Feb 20 low. Bulls are looking for a break of 1.0872 to open 1.0926.

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