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Bouncing Well *RES 4: 121.15 High....>

EURO-YEN TECHS
EURO-YEN TECHS: Bouncing Well
*RES 4: 121.15 High May 5
*RES 3: 120.82 High Feb 7
*RES 2: 120.30 High Feb 12 and key near-term resistance
*RES 1: 119.74 High Feb 13
*PRICE: 119.10 @ 10:03 GMT Feb 19
*SUP 1: 118.47 Low Feb 18
*SUP 2: 118.06 1.00 projection of the Jan 16 - Jan 30 decline from Feb 5 high
*SUP 3: 117.81 3.0% Lower Bollinger Band
*SUP 4: 117.09 2.0% 10-dma envelope
The cross has bounced nicely Wednesday after a troubling Tuesday session for
bulls. Nonetheless, the over-arching outlook remains negative after falling
through 118.73, the Oct 11 low, which added to the bearish case. This opens a
protracted move lower, with 118.06 and 117.84 the targets. Key near-term
resistance has been defined at 120.30, Feb 12 high. A break of this level is
required to threaten the current bearish cycle.

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