Bears Need Close Below $1.2241....>

EURO-DOLLAR TECHS: Bears Need Close Below $1.2241

*RES 4: $1.2446 High Mar 8

*RES 3: $1.2414 High Mar 14

*RES 2: $1.2348 Hourly resistance Mar 15

*RES 1: $1.2298 Low Mar 15 now resistance

*PRICE: $1.2269 @ 0530GMT

*SUP 1: $1.2241 High Feb 28 now support 

*SUP 2: $1.2208 Bollinger band base 

*SUP 3: $1.2153 Low Mar 1 

*SUP 4: $1.2092 High Jan 4 now support

*COMMENTARY: Bulls failed to challenge the key $1.2446 resistance with the break

back below $1.2340 leaving the pair looking heavy. Bears now look for a close

below $1.2241 to target the key $1.2092-1.2153 support region. Daily studies are

well placed for a fresh leg lower although the Bollinger base may limit follow

through. Bulls need a close above $1.2348 to gain breathing room and above

$1.2446 to target $1.2555-1.2639.