Break Above $1.1815 Allows........>

EURO-DOLLAR TECHS: Break Above $1.1815 Allows Correction To Begin

*RES 4: $1.1926 1% volatility band

*RES 3: $1.1903 76.4% Fibo of $1.1961-$1.1717

*RES 2: $1.1868 61.8% Fibo of $1.1961-$1.1717

*RES 1: $1.1848 Dec 6 high

*PRICE: $1.1821 @1020GMT 

*SUP 1: $1.1780/90 Hourly support

*SUP 2: $1.1763 Initial recovery high Dec 13, now support

*SUP 3: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low

*SUP 4: $1.1690/94 1% vol, 1.618x 1.1961-$1.1809 from $1.1940

*COMMENTARY* Continued to find support from above $1.1713-$1.1709 this week and

the subsequent recovery through $1.1793-$1.1815 has allowed a correction of the

fall seen since the Nov 27 high at $1.1961. This has now reached towards the Dec

6 high at $1.1848, before encountering some near term overbought conditions.

This sees $1.1790-$1.1763 as support, back below the latter will disappoint now.

Above $1.1848 and look to $1.1868-$1.1903 next.