$1.2365 Loss Opens Door To........>

EURO-DOLLAR TECHS: $1.2365 Loss Opens Door To Correction

*RES 4: $1.2460/61 U'side bull channel, 76.4% $1.2556-$1.2155

*RES 3: $1.2446 Mar 7 high, 1% volatility band

*RES 2: $1.2415/16 Hourly congestion Mar 7-8

*RES 1: $1.2385 Hourly resistance

*PRICE: $1.2333 @1627GMT 

*SUP 1: $1.2328 Mar 6 low

*SUP 2: $1.2300/05 Hourly basing area Mar 2-Mar 5

*SUP 3: $1.2269 Mar 5 low

*SUP 4: $1.2222 Initial rally high Mar 1, now support

*COMMENTARY* The latest rally to $1.2446 on Wednesday, was halted by the upper

1% volatility band and the base of the previously broken bull channel, at the

time. The latter has moved to join the 76.4% Fibo retrace at $1.2461 today.

Through here needed before the way becomes clear for a return to the year's

$1.2556 high. Meanwhile, support from last Friday's $1.2365 high has been lost,

opening the way for some deeper correction of gains from $1.2155.