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EURO-DOLLAR TECHS: Above $1.1860-70 Needed To End Correction
*RES 4: $1.2047/48 July 2012 low, 1.618 swing $1.1911-$1.1689
*RES 3: $1.2000 4 month bull channel top projection
*RES 2: $1.1911/21 Aug 2 high, equality rise from $1.1119
*RES 1: $1.1860/70 Series congestion lows Aug 3-4
*PRICE: $1.1785 @1555GMT
*SUP 1: $1.1770/75 Intraday low, hourly support
*SUP 2: $1.1749 Aug 11 low
*SUP 3: $1.1715/25 Hourly basing area Aug 8-Aug 9
*SUP 4: $1.1682/89 38.2% of $1.1312-$1.1911, Jul 21 high
*COMMENTARY* Having lost $1.1712 support last Wednesday, we began a correction
of gains from the early July low at $1.1312. A low of $1.1689 seen, just ahead
of the potential 1.1682-$1.1684 target area. This equating to a 38.2% pullback.
Meanwhile, the subsequent recovery has now stretched above near term resistance
between $1.1770-$1.1790. This now brings $1.1860-70 into the equation. As a
result, $1.1775-$1.1749 provides initial support.