Fibo Support From $1.2055.........>

EURO-DOLLAR TECHS: Fibo Support From $1.2055 Offers Near Term Reprieve

*RES 4: $1.2210 Apr 26 high

*RES 3: $1.2182 Apr 24 low, now resistance

*RES 2: $1.2156/60 Initial low Apr 26, Apr 25 low

*RES 1: $1.2139 Intraday high

*PRICE: $1.2110 @0750GMT 

*SUP 1: $1.2075 Hourly support

*SUP 2: $1.2032/55 11 week bear channel, 50% $1.1554-$1.2556 

*SUP 3: $1.1990 1.618 proj'n tgt from $1.2415, 2% vol band

*SUP 4: $1.1956/61 1.618 swing $1.2155-$1.2477, Nov 27 high 

*COMMENTARY* Friday saw the 50% Fibo retrace level at $1.2055 offer some support

to the 2 week decline from the Apr 17 high at $1.2415. The subsequent bounce has

resistance from between$1.2156-$1.2182 but needs to overcome the Apr 26 high at

$1.2210, before the chance of seeing a higher $1.2245-$1.2329 recovery.

Meanwhile, some near term support from $1.2075 protects against another fall,

$1.2032-$1.1990 then the next band of support below $1.2055.