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Downside Extension Still Likely...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Downside Extension Still Likely
*RES 4: 1.1179 High Oct 21 and bull trigger
*RES 3: 1.1140 High Nov 5
*RES 2: 1.1093 High Nov 6
*RES 1: 1.1073 Former double top midpoint
*PRICE: 1.1031 10:22 GMT Nov 11
*SUP 1: 1.0994/91 Low Oct 15 / 61.8% of Oct 1 - Oct 21 rally
*SUP 2: 1.0967 Double top projection
*SUP 3: 1.0950 76.4% of Oct 1 - Oct 21 climb
*SUP 4: 1.0904 Oct 2 low
EURUSD is quiet this morning. Directional conditions are unchanged however and
the near-term focus remains bearish following last weeks move lower. The recent
sell-off resulted in a break on Nov 5 of 1.1073, Oct 25 low to confirm a double
top reversal. This double top is not a significant reversal, but does suggest
scope for a deeper S/T decline towards 1.0967, the patterns projection. Look for
further weakness to unfold, resistance is at 1.1093.

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