Continued Recovery Requires.......>

EURO-DOLLAR TECHS: Continued Recovery Requires $1.1813-$1.1845 Break

*RES 4: $1.1903 76.4% Fibo of $1.1961-$1.1717

*RES 3: $1.1863/68 Dec 14 high, 61.8% Fibo of $1.1961-$1.1717

*RES 2: $1.1835/45 Hourly congestion area Dec 14

*RES 1: $1.1800/13 Hourly resistance, Dec 15 high

*PRICE: $1.1794 @0945GMT 

*SUP 1: $1.1738 Dec 15 low

*SUP 2: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low

*SUP 3: $1.1694 1.618x 1.1961-$1.1809 from $1.1940

*SUP 4: $1.1650/65 76.4% Fibo of $1.1554-$1.1961, 1% vol band

*COMMENTARY* A deeper setback than anticipated on Friday, the loss of $1.1763

seeing a further dip to $1.1738 before encountering some oversold hourly

conditions. This still leaves the congested $1.1713-$1.1694 support area intact.

The subsequent recovery sees resistance from $1.1800-$1.1813 but likely

requiring a move back through $1.1835-45, before once again being in a position

to challenge the Dec 14 high and 61.8% Fibo retrace level at $1.1863-68.