Fresh Rise Needs To Sustain.......>

EURO-DOLLAR TECHS: Fresh Rise Needs To Sustain Break Above $1.2052 Resistance

*RES 4: $1.2167 50% Fibo of $1.3994-$1.0340

*RES 3: $1.2129 1% volatility band

*RES 2: $1.2089/93 Jan 4, Sep 8 high

*RES 1: $1.2052/59 Hourly highs Jan 5, intraday high

*PRICE: $1.2042 @1528GMT 

*SUP 1: $1.2005 Hourly support

*SUP 2: $1.1970 Initial intraday rally high, now support

*SUP 3: $1.1950 Congestion area Jan 10-11

*SUP 4: $1.1910/16 Dec 27 high, Jan 9 low

*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. The subsequent move back above $1.1975-$1.2021 has helped to relieve

some of this pressure but has so far faltered just above 1.2052 resistance,

where tougher questions are asked. Support rises to $1.2005-$1.1970, with

$1.1950 needed to keep out of trouble, if the recovery is to continue.