Breaks Above $1.1925 But So Far...>

EURO-DOLLAR TECHS: Breaks Above $1.1925 But So Far Lacks Conviction

*RES 4: $1.2055 1.618 swing of $1.1961-$1.1809

*RES 3: $1.2020 Equality rise from $1.1713 to $1.1554-$1.1861

*RES 2: $1.1961/66 Nov 27 high, 76.4% Fibo of $1.2093-$1.1554

*RES 1: $1.1940 intraday high

*PRICE: $1.1903 @1010GMT 

*SUP 1: $1.1875/85 Hourly support

*SUP 2: $1.1840 Hourly congestion area Nov 28-30

*SUP 3: $1.1809 Nov 20 high, Nov 30 low

*SUP 4: $1.1773 Initial recovery high Nov 22, now support

*COMMENTARY* Found support on Thursday from the Nov 20 high at $1.1809, also a

61.8% retrace of the preceding $1.1713-$1.1961 rise, seen over the latter end of

last month. The subsequent recovery has squeezed back above the near term pivot

at $1.1925 but as yet without any conviction. This and some overbought hourly

conditions can conspire to see some correction, $1.1885-$1.1840 as initial

support. Above $1.1961-66 needed to prompt a further $1.2020-$1.2055 rise.