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EURO-DOLLAR TECHS: Re-engages bear mode:
*RES 3: 1.1109 High Sep 12 and key reversal point
*RES 2: 1.1075 High Sep 17
*RES 1: 1.1056 Channel resistance drawn off May 26 high
*PRICE: 1.0954 @ 15:26 GMT Sep 25
*SUP 1: 1.0951 Intraday low
*SUP 2: 1.0927/26 Low Sep 12 and Sep 3
*SUP 3: 1.0921 3.0% Lower Bollinger Band
The pair retreated further from the channel top Wednesday, re-engaging with the
downside targets and eyeing the Sep12/Sep3 lows at 1.0926/27. This keeps the
underlying bearish threat dominant. The break Monday of support at 1.0990, low
Sep 17 exposes the recent key lows at 1.0926/27 with the 3.0% lower Bollinger
Band at 1.0921. A break of these support levels would confirm a resumption of
the downtrend. To turn bullish, a move above 1.1109, Sep 13 high is still
required. This would confirm a channel breakout.