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Bears Need Close Below Channel....>

EURO-DOLLAR TECHS

EURO-DOLLAR TECHS: Bears Need Close Below Channel Base

*RES 4: $1.2433 Hourly support Mar 26 now resistance

*RES 3: $1.2371 Low Mar 27 now resistance

*RES 2: $1.2344 High Apr 2

*RES 1: $1.2337 55-DMA

*PRICE: $1.2277 @ 2100GMT

*SUP 1: $1.2240 Low Mar 20

*SUP 2: $1.2231 Daily Bull channel base off Nov Low

*SUP 3: $1.2153 Low Mar 1

*SUP 4: $1.2092 High Jan 4 now support

*COMMENTARY: Failure to capitalise on gains was a concern for bulls last week

and left the pair looking offered with immediate focus on $1.2231-1.2240 where

the bull channel base is noted. Bulls still need 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. A close below the channel base

initially targets 1.2092-1.2153.

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