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Trendline Resistance Holding......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Trendline Resistance Holding
*RES 3: 1.1118 High Jan 21
*RES 2: 1.1101 Trendline drawn off the Dec 31 high
*RES 1: 1.1096/1.1100 High Jan 31 and High Feb 3 / 50-dma
*PRICE: 1.1035 @ 16:43 GMT Feb 4
*SUP 1: 1.1017 Low Jan 31
*SUP 2: 1.0992 Low Jan 29
*SUP 3: 1.0981 Low Nov 29 and key support
EURUSD found some resistance Monday and have pulled lower since. Last week's
recovery does threaten the recent bearish outlook however, before any reversal
is confirmed price needs to clear trendline resistance at 1.1101, drawn off the
Dec 31 high. Until then, the current downtrend remains intact with attention on
the late Nov low of 1.0981. Clearance of the trendline would alter the picture
and signal a shift in sentiment opening 1.1118 and 1.1143. Initial support lies
at 1.1017 low.

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