Bears Need Close Below 55-DMA.....>

EURO-DOLLAR TECHS: Bears Need Close Below 55-DMA

*RES 4: $1.2604 Low Oct 10 2014 now resistance

*RES 3: $1.2555 2018 High Feb 16

*RES 2: $1.2477 High Mar 27

*RES 1: $1.2433 Hourly support Mar 26 now resistance

*PRICE: $1.2417 @ 0430GMT

*SUP 1: $1.2328 55-DMA 

*SUP 2: $1.2285 Low Mar 22 

*SUP 3: $1.2240 Low Mar 20 

*SUP 4: $1.2193 Daily Bull channel base off Nov Low

*COMMENTARY: Failure to capitalise on Monday's gains is a concern for bulls and

leaves with the close below $1.2417 easing bullish pressure. Bears now look for

a close below the 55-DMA to shift initial focus back to $1.2193-1.2240 where the

bull channel base is noted. Bulls need a close above $1.2433 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.