$1.2405-10 Reaction Awaited For...>

EURO-DOLLAR TECHS: $1.2405-10 Reaction Awaited For Next Directional Clues

*RES 4: $1.2500 Underside broken 4 month bull channel base

*RES 3: $1.2453/61 1% vol band, 76.4% of $1.2556-$1.2155

*RES 2: $1.2446/53 Mar 7, Mar 8 highs, 1% volatility band

*RES 1: $1.2405/10 Congestion area Mar 7-Mar 8

*PRICE: $1.2398 @1555GMT 

*SUP 1: $1.2345/55 Hourly support

*SUP 2: $1.2314 Intraday low

*SUP 3: $1.2291 Mar 12 low

*SUP 4: $1.2266/69 61.8% of $1.2155-$1.2446, Mar 5 low

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

previously broken 4 month bull channel, proved a bridge too far last week. A

dual $1.2446 high before succumbing to downside pressure, heightened by the loss

of $1.2365 support. A low of $1.2273 seen, just ahead of the 61.8% retrace level

at $1.2266, this of recent gains from $1.2155. Meantime, with today's move above

$1.2345 focus switches to $1.2405-10 for next clues.