Channel support in play: *RES.....>

EURO-DOLLAR TECHS: Channel support in play:

*RES 3: 1.1412 High Jun 25

*RES 2: 1.1351/76 200-hma / High Jul 1

*RES 1: 1.1336/44 200-dma / Low Jun 25

*PRICE: 1.1279 @ 08:26 GMT July 3

*SUP 1: 1.1269/61 Intraday low / 100-dma

*SUP 2: 1.1254 High Jun 19

*SUP 3: 1.1236/33/26 channel support / 50-dma / Jun 20 low

Despite improved Services PMI readings across Europe, global growth concerns

remain and keeps EURUSD on the defensive. The recent failure at 1.1400 is likely

to weigh on the pair for now with the focus on the channel / trendline support

that today intersects at 1.1236. The channel is drawn off the May 30 low. The

current pullback is still potentially a correction against a broader uptrend,

however this will change if 1.1236 fails to hold. On the upside, a move above

1.1336/44, the 200-dma and Jun 25 low would mark a positive development intraday

for bulls.