Fed hammer ushers in new cycle....>

EURO-DOLLAR TECHS: Fed hammer ushers in new cycle low:

*RES 4: 1.1303/44 200-dma / Low Jun 25

*RES 3: 1.1286/88 High Jul 11 and Jul 5

*RES 2: 1.1224/40/46 Trendline drawn off the Jun 25 high / 100-dma / cloud top

*RES 1: 1.1193 Low Jul 9

*PRICE: 1.1077 @ 19:37 GMT July 31

*SUP 1: 1.1065 Low Jul 31

*SUP 2: 1.1053 1.0% 10-dma envelope

*SUP 3: 1.1000 Psychological round number

*SUP 4: 1.0864 76.4% retracement of the Jan 2017-Feb 2018 rally

While the Fed trimmed rates by 25bps, a more hawkish outlook on the rate path

prompted the pair to usher in a fresh cycle low of 1.1065. The move rewarded

those who'd continued to play the pair lower on the recent fall through late

July lows. Momentum continues to point toward lower levels, but the pair should

stabilise slightly in the coming sessions. Today's multi-year lows open the

prospect of 1.10, which may prove strong psychological support.