Loss Of $1.1645 Would Open Up.....>

EURO-DOLLAR TECHS: Loss Of $1.1645 Would Open Up Downside Correction Prospects

*RES 4: $1.1810/18 61.8% of $1.1996-$1.1510, 1% vol band

*RES 3: $1.1751/54 May 24 high, 76.4% of $1.1830-$1.1510

*RES 2: $1.1729 May 28 high

*RES 1: $1.1700/05 Hourly resistance

*PRICE: $1.1663 @01620GMT 

*SUP 1: $1.1645 Hourly base May 30

*SUP 2: $1.1615 Hourly congestion May 28-May 30

*SUP 3: $1.1590/94 Recovery high May 29, hourly base May 30

*SUP 4: $1.1560 Initial recovery high May 30, now support

*COMMENTARY* Always a good indication of a turnaround when the man in the street

starts talking the Euro lower. The move back through $1.1676 offered initial

encouragement, today's move through the 6 week falling resistance line, at

$1.1687, the next. Now has to deal with the May 28 high at $1.1729 and more

pertinently $1.1751-$1.1754, if the rally is to continue. Support from above

1.1645. Loss of the latter would reopen downside potential.