Pullback Approaches 8 Week Bull...>

EURO-DOLLAR TECHS: Pullback Approaches 8 Week Bull Channel Base

*RES 4: $1.2380 Congestion area Apr 18-19

*RES 3: $1.2353 Apr 20 high

*RES 2: $1.2336 Apr 17 low, now resistance

*RES 1: $1.2300/10 Hourly resistance

*PRICE: $1.2271 @0756GMT 

*SUP 1: $1.2240/50 8 week bull channel base, Apr 20 low

*SUP 2: $1.2215/19 Apr 6 low, 1% volatility band 

*SUP 3: $1.2155 Mar 1 low

*SUP 4: $1.2091/93 1.618 swing $1.2215-$1.2415, 50% Fibo, 2% 

*COMMENTARY* After failing to trouble $1.2415-$1.2422 resistance early last

week, there has been a gradual slide lower, initially toward $1.2310-$1.2291

support. The subsequent loss of the latter sees recent upside momentum take a

hit and allows some deeper correction of gains seen from the month's earlier

$1.2215 base, with the 8 week bull channel base at $1.2240 next in line. In the

meantime, resistance comes from $1.2300-$1.2353, above would assist.