$1.2375-$1.2385 Provides Next.....>

EURO-DOLLAR TECHS: $1.2375-$1.2385 Provides Next Test To Recovery

*RES 4: $1.2446 Mar 7, Mar 8 highs

*RES 3: $1.2413 Mar 14 high

*RES 2: $1.2375/85 Mar 14 congestion, Mar 15 high

*RES 1: $1.2359 Mar 19 high

*PRICE: $1.2338 @0840GMT 

*SUP 1: $1.2280/90 Hourly support

*SUP 2: $1.2258/66 Mar 19 low, 61.8% of $1.2155-$1.2446

*SUP 3: $1.2224 1% vol band, 76.4% of $1.2155-$1.2446

*SUP 4: $1.2186 1.618 swing of $1.2273-$1.2413

*COMMENTARY* The failure to cope with $1.2410-$1.2413 resistance last week, the

catalyst behind the recent fall, which has slightly surpassed the 61.8% Fibo

retrace level at $1.2266. A low of $1.2258 but has become oversold in the near

term. With the move back above $1.2315-$1.2336 now looking to the congested

$1.2375-85 area for next clues. Will need back through here to revive upside

momentum. Meanwhile, $1.2290-$1.2280 supports.