Initial Focus On $1.2212-1.2240...>

EURO-DOLLAR TECHS: Initial Focus On $1.2212-1.2240

*RES 4: $1.2477 High Mar 27

*RES 3: $1.2433 Hourly support Mar 26 now resistance

*RES 2: $1.2371 Low Mar 27 now resistance

*RES 1: $1.2335 Hourly support Mar 28 now resistance

*PRICE: $1.2323 @ 0220GMT

*SUP 1: $1.2285 Low Mar 22 

*SUP 2: $1.2240 Low Mar 20 

*SUP 3: $1.2212 Daily Bull channel base off Nov Low 

*SUP 4: $1.2153 Low Mar 1

*COMMENTARY: Failure to capitalise on gains was a concern for bulls and left the

pair looking offered with immediate focus back on $1.2212-1.2240 where the bull

channel base is noted. Layers of resistance accumulating add weight to the

bearish case. Bulls need a close above $1.2371 to gain breathing room and above

$1.2477 to retain focus on $1.2555-1.2625 where the LT bear channel top off 2008

highs is located.