Projection Target Under Attack,...>

EURO-DOLLAR TECHS: Projection Target Under Attack, Ahead Of $1.1790 Fibo Support

*RES 4: $1.1977 May 7 high

*RES 3: $1.1939 May 8 high

*RES 2: $1.1898 May 7 low, now resistance

*RES 1: $1.1870 Intraday high

*PRICE: $1.1839 @0845GMT 

*SUP 1: $1.1828 1.618x $1.2556-$1.2155 from $1.2477

*SUP 2: $1.1790 76.4% Fibo of $1.1554-$1.2556

*SUP 3: $1.1738/45 Dec 15 low, 2% volatility band

*SUP 4: $1.1709/17 38.2% of $1.0340-$1.2556, Dec 12 low

*COMMENTARY* The 1.618 projection target at $1.1828 has come under challenge

today, a low of $1.1823 before encountering some oversold hourly conditions. In

this respect look to the day's $1.1870 high for initial resistance, the May 7

low at $1.1898 of more importance above. Will need to climb back above here

before any rally will carry the threat of a decent sized correction. Below

$1.1823 and the 76.4% Fibo level at $1.1790 protects against a deeper fall.