Outlook Remains Bearish Despite...>

EURO-DOLLAR TECHS: Outlook Remains Bearish Despite Bounce

*RES 4: 1.1163/67 High Mar 30 / 61.8% retracement of the Mar 9 - 23 decline

*RES 3: 1.1039/53 High Apr 1 / High Mar 31

*RES 2: 1.0991 High Apr 15 and the bull trigger

*RES 1: 1.0911 High Apr 16

*PRICE: 1.0872 @ 16:42 BST Apr 20

*SUP 1: 1.0812 Low Apr 17 and intraday bear trigger

*SUP 2: 1.0769 Low Apr 6 and key support

*SUP 3: 1.0761/60 Low Mar 25 / 76.4% retracement of the Mar 23 - 30 rally

*SUP 4: 1.0723 Low Apr 24

EURUSD is marginally firmer this morning. Despite this, a weaker short-term tone

remains intact. Last week's pullback on Apr 15 and 16 follows an inability to

convincingly clear the 1.0987, Apr 14 high high and potentially brings to an end

the recovery phase between Apr 6 - 15. The focus is on 1.0769, Apr 6 low where a

break would trigger a deeper slide towards 1.0636, Apr 23 low. Clearance of

1.0991 is needed to reinstate a bullish tone.