Bounces From Above 3 Month Bull...>

EURO-DOLLAR TECHS: Bounces From Above 3 Month Bull Channel Base 

*RES 4: $1.2460 Congestion area Jan 31-Feb 2

*RES 3: $1.2406/09 Feb 2 low, Feb 7 high

*RES 2: $1.2370/75 Congestion area Feb 5-Feb 7

*RES 1: $1.2335 Jan 30 low, now resistance

*PRICE: $1.2324 @0845GMT 

*SUP 1: $1.2285 Intraday low

*SUP 2: $1.2255/60 Hourly support

*SUP 3: $1.2230/34 1% vol band, 3 month bull channel base

*SUP 4: $1.2206 Feb 9 low

*COMMENTARY* Has found support over the last couple of days from above the 3

month bull channel base projection, at $1.2234 by time today. This coupled with

the Feb 9 low at $1.2206 are the protection to the 38.2% Fibo retrace level at

$1.2162. Meanwhile, the subsequent bounce is attempting to break above $1.2335,

this would provide a boost, although the congested $1.2370-75 region can pose a

further problem higher. Nearest support now $1.2285-$1.2255.