$1.2055-$1.2064 Can Provide.......>

EURO-DOLLAR TECHS: $1.2055-$1.2064 Can Provide Initial Resistance Now

*RES 4: $1.2139 Apr 30 high

*RES 3: $1.2106 Apr 30 hourly recovery high

*RES 2: $1.2085 Apr 30 hourly recovery highs

*RES 1: $1.2055/64 Apr 27, Apr 30 lows

*PRICE: $1.2005 @08250GMT 

*SUP 1: $1.1981/90 May 1 low, 1.618 proj'n target from $1.2415

*SUP 2: $1.1954/61 1.618 swing $1.2155-$1.2477, Nov 27 high  

*SUP 3: $1.1937 61.8% Fibo of $1.1554-$1.2556

*SUP 4: $1.1912 2% volatility band

*COMMENTARY* Tuesday's continued decline resulted in a low of $1.1981. Slightly

below the projection target at $1.1990, not unexpected given the exuberance of

recent days. This for the time being leaves us above the next region of support

from between the Nov 27 high at $1.1961 and the 61.8% Fibo retrace level at

$1.1937. Any lower and the 2% volatility band at $1.1912 can provide a backstop.

Resistance $1.2055-$1.2065 can limit gains, $1.2085-$1.2106 higher.