Finding Some Support On Back Of...>

EURO-DOLLAR TECHS: Finding Some Support On Back Of Near Term Oversold Conditions

*RES 4: $1.2413 Mar 14 high

*RES 3: $1.2375/85 Mar 14 congestion, Mar 15 high

*RES 2: $1.2336 Mar 16 high

*RES 1: $1.2305/15 Hourly resistance

*PRICE: $1.2276 @0850GMT 

*SUP 1: $1.2258/66 Intraday low, 61.8% of $1.2155-$1.2446

*SUP 2: $1.2218/24 1% vol band, 76.4% of $1.2155-$1.2446

*SUP 3: $1.2186 1.618 swing of $1.2273-$1.2413

*SUP 4: $1.2155 Mar 1 low

*COMMENTARY* The failure to cope with $1.2410-$1.2413 resistance last week, the

catalyst behind the recent fall, which has slightly surpassed the 61.8% Fibo

retrace level at $1.2266. A low of $1.2258 but has become oversold in the near

term. Now looking towards $1.2305-$1.2315 for initial resistance, Friday's

$1.2336 high above. Will need back through the latter to reduce downside

momentum. Below $1.2258 and the $1.2224-$1.2218 area offers next support.