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: $1.2489 Bollinger band top

*RES 1: $1.2444 High Mar 7

*PRICE: $1.2406 @ 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 ($1.2232)

resulted in a pop above the $1.2435 resistance. Bulls now look for a close above

$1.2444 to confirm initial focus on 2018 highs and overall focus to the weekly

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

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

return focus to $1.2092-1.2153.