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Extends Downside Following........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Extends Downside Following Trendline Breach
*RES 4: 1.1173 High Jan 16 and key near-term resistance
*RES 3: 1.1140 Trendline resistance drawn off the Dec 31 high
*RES 2: 1.1118 High Jan 21
*RES 1: 1.1109 High Jan 23
*PRICE: 1.1035 @ 10:18 GMT Jan 24
*SUP 1: 1.1003 Low Dec 2
*SUP 2: 1.0998 1.0% Lower 10-dma Envelope
*SUP 3: 1.0981 Low Nov 29 and key key support
*SUP 4: 1.0952 Low Oct 9
EURUSD remains under pressure this morning. The move lower yesterday resulted in
a break of the key near-term trendline support at 1.1074, drawn off the Jan 10
low. This reinforces January's bearish tone and attention turns to the early Dec
lows at 1.1003 and the late Nov low of 1.0981. Momentum studies show that
downside pressure has further to run, with MACD and RSI measures pointing south.
Initial resistance is at 1.1109. Heavy for now!

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