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EURO-DOLLAR TECHS: Still Trading Below 1.1168 Resistance
*RES 3: 1.1239 High Dec 31 and bull trigger
*RES 2: 1.1206 High Jan 6
*RES 1: 1.1168 High Jan 8
*PRICE: 1.1131 @ 16:45 GMT Jan 16
*SUP 1: 1.1085 Low Jan 10
*SUP 2: 1.1066 Low Dec 20 / 100-dma
*SUP 3: 1.1062/40 Trendline support drawn off the Oct 1 low / Low Dec 6
EURUSD gave up some of the recent gains into the close, pulling further away
from a clean break of 1.1168 resistance. This could be a conclusion of the
recent corrective recovery with the pair expected to maintain a softer tone
following the Dec 31 - Jan 10 sell-off. Risk is seen for a deeper pullback
towards 1.1066, the Dec 20 low where a break would strengthen a bearish case and
expose trendline support at 1.1062 drawn off the Oct 1 low. A break of
resistance at 1.1168, would offset the bearish threat.