Bears Need Close Below $1.2320....>

EURO-DOLLAR TECHS: Bears Need Close Below $1.2320

*RES 4: $1.2640 Weekly Bear channel top

*RES 3: $1.2555 2018 High Feb 16

*RES 2: $1.2482 Bollinger band top

*RES 1: $1.2435 High Feb 19

*PRICE: $1.2418 @ 0530GMT

*SUP 1: $1.2364 High Mar 6 now support 

*SUP 2: $1.2320 Hourly support Mar 5 

*SUP 3: $1.2251 Hourly support Mar 2 

*SUP 4: $1.2223 Hourly resistance Mar 1 now support

*COMMENTARY: The recovery from last week's dip below the 55-DMA ($1.2222) now

sees immediate pressure on the $1.2435 resistance. Bulls look for a close above

this level to return initial focus to 2018 highs and overall focus to the weekly

bear channel top off 2008 highs. Support layers accumulating adds to bullish

confidence with bears now needing a close below $1.2320 to ease bullish pressure

and return focus to $1.2092-1.2153.