New Highs Last Week But...........>

EURO-DOLLAR TECHS: New Highs Last Week But Retreats Without A Test To Fibo Level

*RES 4: $1.2556 Feb 16 high

*RES 3: $1.2511 Feb 15 high

*RES 2: $1.2490 Hourly congestion Feb 15

*RES 1: $1.2460 Hourly resistance

*PRICE: $1.2412 @0955GMT 

*SUP 1: $1.2380/90 Hourly support

*SUP 2: $1.2340/45 Hourly basing area Feb 13-14

*SUP 3: $1.2287 3 month bull channel base

*SUP 4: $1.2238 1% volatility band

*COMMENTARY* $1.2556 was enough for last week, unable to go on and test the

61.8% Fibo retrace level at $1.2598. As a result, has bowed to some overbought

hourly conditions and begun a pullback and some correction of gains seen since

the $1.2206 low from Feb 9. In this respect, $1.2390-$1.2380 is the next area of

support and protection against a deeper 1.2340 setback. Meanwhile, $1.2460-90

and then $1.2511 currently stands in the way of any recovery.