(H18) 131.27 Continues To Frustrate......>

BOBL TECHS: (H18) 131.27 Continues To Frustrate Rallies

*RES 4: 131.60/65 Congestion area late Dec, early Jan

*RES 3: 131.52 Jan 10 low, now resistance

*RES 2: 131.43 Dec 27, Jan 2 lows, now resistance

*RES 1: 131.27/35 Jan 15-16 highs, hourly resistance

*PRICE: 131.11 @0836GMT

*SUP 1: 131.00/05 Hourly support

*SUP 2: 130.92 Sep 28, Jan 12 lows

*SUP 3: 130.89 61.8% Fibo of 129.74-132.74

*SUP 4: 130.65/70 0.5% vol band, 1.618 swing 130.92-131.27

*COMMENTARY* The 131.27 resistance has frustrated rallies this week, making the

bounce from last week's 130.92 low look like a 4th wave correction in the fall

seen from this year's 131.82 high. If this proves to be the case, then 131.00

support is vulnerable, as is 130.92-130.89, with 130.70 the likely target lower,

Meanwhile, still needs above 131.27-131.35 to negate this scenario and continue

the topside correction.