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Downside Risk Still Present.......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Downside Risk Still Present
*RES 4: 1.1018 High May 1 and key resistance
*RES 3: 1.0986 High May 4
*RES 2: 1.0926 High May 5
*RES 1: 1.0846 High May 6
*PRICE: 1.0799 @ 05:49 BST May 7
*SUP 1: 1.0727 Low Apr 24 and bear trigger
*SUP 2: 1.0723 Low Mar 24
*SUP 3: 1.0636 Low Mar 23 and key support
*SUP 4: 1.0597 1.00 projection of Mar 30 - Apr 6 sell-off from Apr 15 high
EURUSD traded sharply lower again yesterday extending the slide that has
dominated this week's price action. Monday's price pattern was a bearish
engulfing Japanese candle pattern and clearly highlighted the market's sentiment
shift to bearish this week. The pair has traded through support at 1.0799, Apr
27 low. The break of this level has exposed the 1.0727, Apr 24 low. Clearance of
this 1.0727 would open 1.0636, Mar 23 low. Initial resistance is at 1.0846.

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