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Tailspin *RES 3: 1.0958 High......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Tailspin
*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: 1.0804 @ 09:46 GMT Feb 20
*SUP 1: 1.0764 1.0% 10-dma envelope
*SUP 2: 1.0777 1.764 projection of Jan 16 - Jan 29 decline from Feb 3 high
*SUP 3: 1.0653 3.0% Lower Bollinger Band
The losing streak for the pair extended again overnight, with EUR/USD printing
14 consecutive sessions of lower lows. This is raising the bar further for bulls
to arrest this decline and does very little to instill any confidence in a
recovery. The 1.0% 10-dma envelope remains key support going forward after the
price arrested the Tuesday decline. We continue to stress that although the
downtrend remains intact, the trend is steep and the risk of a sharp reversal
increases each day. Initial resistance is at 1.0889.

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