Finding Some Support On Back Of...>

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

*RES 4: $1.2446 Mar 7, Mar 8 highs

*RES 3: $1.2413 Mar 14 high

*RES 2: $1.2375/85 Mar 14 congestion, Mar 15 high

*RES 1: $1.2336 Mar 16 high

*PRICE: $1.2306 @1250GMT 

*SUP 1: $1.2275/85 Hourly support

*SUP 2: $1.2258/66 Intraday low, 61.8% of $1.2155-$1.2446

*SUP 3: $1.2218/24 1% vol band, 76.4% of $1.2155-$1.2446

*SUP 4: $1.2186 1.618 swing of $1.2273-$1.2413

*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. With the move back above $1.2305-$1.2315 now looking to last Friday's

$1.2336 high for next clues. Will need back through here to reduce downside

momentum. Meanwhile, $1.2285-$1.2275 supports.