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EURO-DOLLAR TECHS: Channel top holding firm:
*RES 3: 1.1102/45 2% Upper Bollinger Band / 1.0% 10-dma envelope
*RES 2: 1.1109 High Sep 12 and key reversal point
*RES 1: 1.1066 Channel resistance drawn off May 26 high
*PRICE: 1.0989 @ 16:00 GMT Sep 23
*SUP 1: 1.0966 Intraday Low
*SUP 2: 1.0928 3.0% Lower Bollinger Band
*SUP 3: 1.0927/26 Low Sep 12 and Sep 3
A woeful set of Eurozone PMIs sent the single currency spiralling early Monday,
keeping the near-term upside target at the channel top in tact. This morning's
moves keep the bias tilted negative, with bears eyeing the 3.0% lower Bollinger
Band at 1.0925 for direction. Last week, EURUSD failed to clear the the key
channel resistance drawn off the Jun 25 high (1.1066), keeping the bearish
outlook dominant for now. Recent candle patterns, a shooting star on Sep 13
warned of a top and a bearish engulfing on Sep 16 reinforces recent bearish
developments. To turn bullish, a break of the 1.1109 high of Sep 13 is required.