Overbought Near Term On Return....>

EURO-DOLLAR TECHS: Overbought Near Term On Return Towards $1.1863-$1.1868

*RES 4: $1.1961 Nov 27 high

*RES 3: $1.1940 Dec 1 high, 1.618 swing $1.1863-$1.1738 

*RES 2: $1.1903/05 76.4% Fibo of $1.1961-$1.1717, 1% vol band

*RES 1: $1.1863/68 Dec 14 high, 61.8% Fibo of $1.1961-$1.1717

*PRICE: $1.1842 @0938GMT 

*SUP 1: $1.1775/90 Hourly support

*SUP 2: $1.1738 Dec 15 low

*SUP 3: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low

*SUP 4: $1.1694 1.618x 1.1961-$1.1809 from $1.1940

*COMMENTARY* A deeper setback than anticipated last Friday, the loss of $1.1763

seeing a dip to $1.1738. This still leaves the key $1.1713-$1.1694 support

intact. The subsequent recovery has now risen through $1.1835-$1.1845 and is

again in a position to challenge the Dec 14 high and 61.8% Fibo retrace levels

at $1.1863-68 but does so with near term conditions unfavourably overbought.

Some pullback may be necessary, $1.1790-$1.1775 protects $1.1738 again.