Initial Focus On $1.2225-1.2240...>

EURO-DOLLAR TECHS: Initial Focus On $1.2225-1.2240

*RES 4: $1.2433 Hourly support Mar 26 now resistance

*RES 3: $1.2371 Low Mar 27 now resistance

*RES 2: $1.2344 High Apr 2

*RES 1: $1.2282 Low Apr 2 now resistance

*PRICE: $1.2278 @ 0210GMT

*SUP 1: $1.2240 Low Mar 20 

*SUP 2: $1.2225 Daily Bull channel base off Nov Low 

*SUP 3: $1.2153 Low Mar 1 

*SUP 4: $1.2092 High Jan 4 now support

*COMMENTARY: Failure to capitalise on gains was a concern for bulls last week

and left the pair looking offered with immediate focus on $1.2225-1.2240 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.