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Rally Still Paying Respect To.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rally Still Paying Respect To Upper 2% Volatility Band
*RES 4: $1.2376 1.618x $1.1554-$1.1961 from $1.1717
*RES 3: $1.2339/45 2% vol band, 8 week bull channel top
*RES 2: $1.2323/29 Intraday high, Oct 2008 low
*RES 1: $1.2297 Jan 15 high
*PRICE: $1.2230 @1639GMT 
*SUP 1: $1.2195/97 Jan 16 low, intraday low
*SUP 2: $1.2165 Hourly low/high Jan 12
*SUP 3: $1.2089/93 Jan 4, Sep 8 lows, now resistance
*SUP 4: $1.2059/67 Jan 11 high, initial high Jan 12
*COMMENTARY* The rally peaked at $1.2297 on Monday, basically in line with a
test to the upper 2% volatility band. This has moved slightly higher by time
today to $1.2339, just below the 8 week bull channel top. Have subsequently seen
a dip to $1.2195. This and the slightly lower $1.2165 level currently protect
against some deeper correction of gains from last week's $1.1916 low. Above
$1.2345 and $1.2360-$1.2376 are next barrier to the swing target at $1.2426.

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