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BLOCK, More Short End Sales


(U2) Downtrend Extends

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Snaps Losing Streak *RES 3:.......>

EURO-DOLLAR TECHS: Snaps Losing Streak
*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: 1.0855 @ 16:35 GMT Feb 21
*SUP 1: 1.0732 1.0% 10-dma envelope
*SUP 2: 1.0777 1.764 projection of Jan 16 - Jan 29 decline from Feb 3 high
*SUP 3: 1.0628 3.0% Lower Bollinger Band
EUR/USD finally managed to break the extended sequence of lower lows Friday,
which may grant some much-needed reprieve for the beleaguered currency. Friday's
PMI-inspired bounce initially looked uninspiring, but a wave of USD selling has
prompted signs of stabilisation. For bulls to develop from here, 1.0889 needs to
give way ahead of 1.0926 (key resistance). The 1.0% 10-dma envelope has proved
the only support of any merit on this recent downtick, so this remains the first
target to initiate a resumption of the downtrend.

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