Remains On The Back Foot *RES.....>

EURO-DOLLAR TECHS: Remains On The Back Foot

*RES 4: 1.1033 200-dma

*RES 3: 1.1018 High May 1 and key resistance

*RES 2: 1.0986 High May 4

*RES 1: 1.0926 High May 5

*PRICE: 1.0836 @ 05:39 BST May 6

*SUP 1: 1.0819 Low Apr 29

*SUP 2: 1.0799 Low Apr 27 and key near-term support

*SUP 3: 1.0727 Apr 24 low and bear trigger

*SUP 4: 1.0723 Low Mar 24

EURUSD traded sharply lower yesterday following the judgement of the German

Constitutional Court. In technical pattern terms, Monday's price action is a

bearish engulfing Japanese candle pattern and clearly highlights the market's

sentiment shift to bearish this week. The move lower opens 1.0799 next, Apr 27

low. A break of this support would likely expose the key support at 1.0727, Apr

24 low. Initial resistance for today is seen at 1.0926.