Consolidation Continues Above.....>

EURO-DOLLAR TECHS: Consolidation Continues Above Last Month's Low

*RES 4: $1.1796 1.618 swing of $1.1693-$1.1527

*RES 3: $1.1768/71 1% vol band, 76.4% Fibo of $1.1852-$1.1508

*RES 2: $1.1757 Equality rise from $1.1591 to $1.1527-$1.1693

*RES 1: $1.1721/27 61.8% Fibo of $1.1852-$1.1508, i'day high

*PRICE: $1.1711 @0716GMT 

*SUP 1: $1.1650/72 Jul 5 low, hourly support

*SUP 2: $1.1620/30 Jul 3, Jul 4 lows 

*SUP 3: $1.1591 Jul 2 low

*SUP 4: $1.1570 Congestion area Jun 28-Jun 29

*COMMENTARY* The consolidation pattern above last month's $1.1508 low continues

to grow, with the hold of $1.1590 support on Monday. Wednesday saw

$1.1610-$1.1620 deal with the setback and as a result, there is scope to

continue the rise, the $1.1721 area anticipated to provide next resistance. Any

higher and $1.1757-$1.1771 looks a tougher proposition. Support moves up to

$1.1672-$1.1650 and this should hold if gains are to continue at this stage.