Selling Pressure Dominates *RES...>

EURO-DOLLAR TECHS: Selling Pressure Dominates

*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: 1.0826 @ 10:15 BST Apr 17

*SUP 1: 1.0817 Low Apr 16 and intraday low

*SUP 2: 1.0830 Low Apr 8

*SUP 3: 1.0769 Low Apr 6 and key support

*SUP 4: 1.0761/60 Low Mar 25 / 76.4% retracement of the Mar 23 - 30 rally

EURUSD remains under pressure and appears likely to resume the recent sell-off

and extend its weaker tone. The current selling pressure follows an inability to

convincingly clear the Tuesday 1.0987 high and potentially brings to an end the

recovery phase between Apr 6 - 15. The pair made light work of the Wednesday low

yesterday and is narrowing the gap with 1.0769, Apr 6 low. A break above 1.0991

is needed to offset the developing bearish threat.