Bull Channel Base Under Threat,...>

EURO-DOLLAR TECHS: Bull Channel Base Under Threat, $1.2289-$1.2276 Below

*RES 4: $1.2511 Feb 15 high

*RES 3: $1.2470/75 Hourly congestion Feb 14-15

*RES 2: $1.2435 Feb 19 high

*RES 1: $1.2385/94 Hourly resistance, Feb 16 low

*PRICE: $1.2305 @1625GMT 

*SUP 1: $1.2300/14 Intraday low, 3 month bull channel base

*SUP 2: $1.2289 76.4% Fibo of $1.2206-$1.2556

*SUP 3: $1.2276 Feb 14 low

*SUP 4: $1.2237 1% volatility band

*COMMENTARY* Pullback continues as we correct the gains from the $1.2206 low of

Feb 9. The 3 month bull channel base is under challenge today. Clear break below

and look to $1.2289-$1.2276 for next area of support. In the interim, resistance

comes from $1.2385 and then the Feb 16 low at $1.2394. Will need to see gains

back above the latter before the opportunity for any recovery will arise. Lose

$1.2276 and the 1% volatility band is the last protection to $1.2206.