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

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

*RES 4: $1.2434/46 1% volatility band, Mar 7, Mar 8 highs 

*RES 3: $1.2410/15 Congestion area Mar 7-Mar 8

*RES 2: $1.2385 Mar 7 low, now resistance

*RES 1: $1.2355/65 Hourly resistance

*PRICE: $1.2310 @0955GMT 

*SUP 1: $1.2294/95 Intraday, Mar 8 lows

*SUP 2: $1.2266/69 61.8% of $1.2155-$1.2446, Mar 5 low

*SUP 3: $1.2222/24 Initial high Mar 1, 76.4% $1.2155-$1.2446

*SUP 4: $1.2187 1% volatility band

*COMMENTARY* The combination of resistance from the upper 1% volatility band and

the base of the previously broken 4 month bull channel, proved a bridge too far

this week. A dual $1.2446 high before succumbing to downside pressure,

heightened by the loss of $1.2365 support. A low of $1.2294 so far, just beneath

the 50% retrace level at $1.2300, this of recent gains from $1.2155. Meantime,

that $1.2365 area returns as resistance with $1.2385-$1.2415 above.