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No Sign of a Bounce *RES 3:.......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: No Sign of a Bounce
*RES 3: 1.0958 High Feb 10
*RES 2: 1.0926 High Feb 12 and key near-term resistance
*RES 1: 1.0889 High Feb 13
*PRICE: 1.0797 @ 16:49 GMT Feb 20
*SUP 1: 1.0764 1.0% 10-dma envelope
*SUP 2: 1.0777 1.764 projection of Jan 16 - Jan 29 decline from Feb 3 high
*SUP 3: 1.0653 3.0% Lower Bollinger Band
The losing streak for the single currency is still weighing heavy as the pair
marked another session of lower lows. Should new lows be printed Friday, that
will mark the longest sequence of daily lower lows for the pair since the EUR's
adoption. This is raising the bar further for bulls to arrest this decline and
does very little to instill any confidence in a recovery. The 1.0% 10-dma
envelope remains key support going forward after the price arrested the Tuesday
decline. We continue to stress that although the downtrend remains intact, the
trend is steep and the risk of a sharp reversal increases each day.

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