$1.1641-$1.1645 Still The.........>

EURO-DOLLAR TECHS: $1.1641-$1.1645 Still The Downside Protection

*RES 4: $1.1810 61.8% of $1.1996-$1.1510, 1% vol band

*RES 3: $1.1751/54 May 24 high, 76.4% of $1.1830-$1.1510

*RES 2: $1.1725/29 May 31, May 28 highs

*RES 1: $1.1700/05 Hourly resistance

*PRICE: $1.1685 @0818GMT 

*SUP 1: $1.1641/45 May 31 low, hourly base May 30

*SUP 2: $1.1615 Hourly congestion May 28-May 30

*SUP 3: $1.1590/94 Recovery high May 29, hourly base May 30

*SUP 4: $1.1560/75 Initial recovery high May 30, 1% vol band

*COMMENTARY* Thursday's rally fell just shy of a $1.1729 challenge, the base of

next key resistance area between there and $1.1754. The subsequent setback has

found support from around $1.1645, itself the protection against a deeper

correction of the gains seen since Tuesday's $1.1510 fall. While above

$1.1700-$1.1705 can be a near term nuisance. A direct move through $1.1754 and

minor $1.1777 is in the way of a look at next upside target at $1.1810-$1.1830.