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Rally Still Has Channel Top &.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rally Still Has Channel Top & Upper 2% Volatility Band Ahead
*RES 4: $1.2421 1.618 swing of $1.2323-$1.2165
*RES 3: $1.2376 1.618x $1.1554-$1.1961 from $1.1717, 2% vol
*RES 2: $1.2323/36 Oct 2008 low, 3 month bull channel proj'n
*RES 1: $1.2288 Hourly recovery high Jan 117
*PRICE: $1.2273 @0907GMT 
*SUP 1: $1.2190/95 Hourly support
*SUP 2: $1.2165 Jan 17 low, hourly high/low Jan 12
*SUP 3: $1.2089/93 Jan 4, Sep 8 highs, now support
*SUP 4: $1.2059/67 Jan 11 high, initial high Jan 12
*COMMENTARY* Still tilting it's cap to both the 3 month bull channel top and
also the upper 2% volatility band. These today are at $1.2336 and $1.2376
respectively. After reaching $1.2323 on Wednesday, some extremely overbought
hourly conditions produced a $1.2165 pullback. This a 38.2% Fibo retrace of
recent gains from $1.1916. While above, look to $1.2288 for clues. Need back
above here to add fresh impetus and reduce further downside risk. 

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