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EURO-DOLLAR TECHS: Insufficient Bounce
*RES 3: 1.1191 High Aug 14
*RES 2: 1.1179 High Oct 21 and bull trigger
*RES 1: 1.1123 High Oct 25
*PRICE: 1.1113 15:51 GMT Oct 29
*SUP 1: 1.1073 Low Oct 25
*SUP 2: 1.1064 38.2% of Oct 1 - Oct 21 climb and 50-day EMA
*SUP 3: 1.1023/29 Low Oct 16 / 50.0% of Oct 1 - Oct 21 climb
The pair bounced modestly in the US afternoon, but the recovery has, so far,
been insufficient to materially improve the near-term outlook. As such,
attention once again turns to support at 1.1073, Friday's low. It remains too
too early to tell whether last week's correction is over and now the pair
appears vulnerable again. With trendline support drawn off Oct 1 low breached, a
move below 1.1073 low would confirm a resumption of the recent pullback and open
1.1064 and 1.1029, both retracement levels. Resistance is at 1.1123.