Range Break Suggests Scope For....>

EURO-DOLLAR TECHS: Range Break Suggests Scope For A $1.2047-$1.2065 Move

*RES 4: $1.2065 1.618 swing of $1.1911-$1.1662

*RES 3: $1.2042/47 2% volatility band, July 2012 low

*RES 2: $1.2009 1.618 projection target from $1.1740

*RES 1: $1.1960 Aug 25 high

*PRICE: $1.1932 @0850GMT 

*SUP 1: $1.1885/90 Hourly support

*SUP 2: $1.1823/28 Aug 23, Aug 21 highs, now support

*SUP 3: $1.1773 Aug 25 low

*SUP 4: $1.1731/40 Aug 21, Aug 23 lows

*COMMENTARY* The slight upside bias came to the fore late on Friday. The rally

through $1.1847 resulting in a high of $1.1960 so far, before some near term

overbought conditions have applied a brake. In this respect, look to $1.1885-90

for initial support, last week's two previous highs from $1.1828-$1.1823, a

potentially stronger base below. Directly above $1.1960 and look to the

projection target at $1.2009 next, ahead of the $1.2042-$1.2065 area.