Above $1.2371 To Ease Bearish.....>

EURO-DOLLAR TECHS: Above $1.2371 To Ease Bearish Pressure

*RES 4: $1.2371 Low Mar 27 now resistance

*RES 3: $1.2344 High Apr 2

*RES 2: $1.2337 55-DMA

*RES 1: $1.2290 Hourly resistance Apr 4

*PRICE: $1.2240 @ 0430GMT

*SUP 1: $1.2216 Low Apr 5 

*SUP 2: $1.2153 Low Mar 1 

*SUP 3: $1.2092 High Jan 4 now support 

*SUP 4: $1.2017 High Jan 10 now support

*COMMENTARY: Bears gain confidence with a dip below the bull channel base off

Nov lows although follow through has been lacking courtesy of the Bollinger base

($1.2215). Bears now focus on $1.2092-1.2153 where the 100-DMA ($1.2150) is

noted. Layers of resistance are accumulating and weighing with bulls needing a

close above $1.2371 to gain breathing room and above $1.2477 to retain focus on

$1.2555-1.2625 where the LT bear channel top off 2008 highs is located.