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Under Pressure *RES 4: 1.1178.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Under Pressure
*RES 4: 1.1178 High Jan 16 and a key resistance
*RES 3: 1.1143 High Jan 17
*RES 2: 1.1118 High Jan 21
*RES 1: 1.1096 High Jan 31 and t-dline resistance drawn off the Dec 31 high
*PRICE: 1.1003 @ 16:24 GMT Feb 5
*SUP 1: 1.0996 Low Feb 5
*SUP 2: 1.0992 Low Jan 29
*SUP 3: 1.0981 Low Nov 29 and key support
*SUP 4: 1.0952/35 Low Oct 9 / 1.0% Lower 10-dma Envelope
EURUSD remains under pressure following the rejection off Monday's high. Last
week's recovery does threaten the recent bearish outlook however, before any
reversal is confirmed price needs to clear trendline resistance at 1.1096, drawn
off the Dec 31 high. Note that this also coincides with former trendline support
drawn off the Oct 1 low reinforcing the significance of 1.1096. For now, the
outlook remains bearish with the focus on 1.0981, Nov 29 low.

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