Consolidating Above 38.2% Fibo....>

EURO-DOLLAR TECHS: Consolidating Above 38.2% Fibo Support At $1.2165

*RES 4: $1.2421 1.618 swing of $1.2323-$1.2165

*RES 3: $1.2376 1.618x $1.1554-$1.1961 from $1.1717

*RES 2: $1.2323/42 Oct 2008 low, 3 month bull channel proj'n

*RES 1: $1.2295 Jan 19 high

*PRICE: $1.2254 @1015GMT 

*SUP 1: $1.2195/15 Hourly support

*SUP 2: $1.2165 Jan 17 low, hourly high/low Jan 12

*SUP 3: $1.2089/93 Jan 4, Sep 8 highs, now support

*SUP 4: $1.2059/67 Jan 11 high, initial high Jan 12

*COMMENTARY* After finding some support from the 38.2% Fibo retrace at $1.2165

last week, is now consolidating above $1.2215-$1.2195. While these supports

survive, there is scope to see another attempt higher, $1.2295 currently in the

way of fresh gains, with the 3 month bull channel top at $1.2342 today, ahead of

the projection target at $1.2376 and 2% volatility band at $1.2401. Loss of

$1.2165 will caution however.