Still Heavy Following Trendline...>

EURO-DOLLAR TECHS: Still Heavy Following Trendline Breach

*RES 4: 1.1135 Trendline resistance drawn off the Dec 31 high

*RES 3: 1.1118 High Jan 21

*RES 2: 1.1109 High Jan 23

*RES 1: 1.1078 Former trendline support drawn off the Oct 1 low

*PRICE: 1.1022 @ 16:49 GMT Jan 27

*SUP 1: 1.1003 Low Dec 2

*SUP 2: 1.0988 1.0% Lower 10-dma Envelope

*SUP 3: 1.0981 Low Nov 29 and key key support

*SUP 4: 1.0952 Low Oct 9

EURUSD remains under pressure and is seen likely to continue trading heavy

near-term. This follows last week's break of key trendline support at 1.1074,

drawn off the Oct 1 low. The move reinforces January's bearish tone and

attention turns to the early Dec lows of 1.1003 and the late Nov low of 1.0981.

Momentum studies show that downside pressure has further to run, with MACD and

RSI measures pointing south. Initial resistance is at 1.1078.