Correction Continues, Risk........>

EURO-DOLLAR TECHS: Correction Continues, Risk Remains Lower While $1.1985 Caps

*RES 4: $1.2089/93 Jan 4, Sep 8 highs

*RES 3: $1.2051/52 Hourly recovery highs Jan 5

*RES 2: $1.2021 Jan 5 low, now resistance

*RES 1: $1.1975/85 Hourly resistance

*PRICE: $1.1944 @0918GMT 

*SUP 1: $1.1916/21 Jan 9 low, 61.8% of $1.1817-$1.2089

*SUP 2: $1.1902/10 Dec 20, Dec 27 highs, now support

*SUP 3: $1.1877/81 1% vol band, 76.4% of $1.1817-$1.2089

*SUP 4: $1.1852/63 2 month rising s/line, Dec 14 high

*COMMENTARY* Pressure on the 61.8% Fibo retrace level on Tuesday resulted in a

slightly lower $1.1916 fall, before rallying on the back of some oversold hourly

conditions. To be of any substance, will need to see a move back above

$1.1975-$1.1985 initially, this potentially allowing a higher $1.2021-$1.2052

rise, where tougher questions are then asked. While $1.1985 caps, immediate risk

is still for lower, where below $1.1916 sees congested support above $1.1852.