Still Trading Below 1.1168........>

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.