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Rally Falters On Initial Foray....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rally Falters On Initial Foray To $1.2410 Resistance
*RES 4: $1.2526 Underside broken 4 month bull channel base
*RES 3: $1.2461/81 76.4% of $1.2556-$1.2155, 1% vol band
*RES 2: $1.2446 Mar 7, Mar 8 highs
*RES 1: $1.2410/13 Congestion area Mar 7-Mar 8, Mar 14 high
*PRICE: $1.2368 @0850GMT 
*SUP 1: $1.2334/46 Mar 9, Mar 12 highs, now support
*SUP 2: $1.2305/14 Congestion Mar 8-12, Mar 13 low
*SUP 3: $1.2291 Mar 12 low
*SUP 4: $1.2266/69 61.8% of $1.2155-$1.2446, Mar 5 low
*COMMENTARY* The combination of the upper 1% volatility band and the base of the
previously broken 4 month bull channel, proved a bridge too far last week. A
dual $1.2446 high before succumbing to downside pressure, heightened by the loss
of $1.2365 support. A low of $1.2273 seen, just ahead of the 61.8% retrace level
at $1.2266, this of recent gains from $1.2155. Meanwhile, with Tuesday's move
back above $1.2345 the focus now switches to $1.2410-$1.2413 for next clues.

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