Reaction To Support Around........>

EURO-DOLLAR TECHS: Reaction To Support Around $1.1840 Still Key To Direction

*RES 4: $1.2020 Equality rise from $1.1713 to $1.1554-$1.1861

*RES 3: $1.1961/66 Nov 27 high, 76.4% Fibo of $1.2093-$1.1554

*RES 2: $1.1940 Dec 1 high

*RES 1: $1.1900/15 Hourly resistance

*PRICE: $1.1851 @1630GMT 

*SUP 1: $1.1829/40 Intraday low, hourly support

*SUP 2: $1.1809 Nov 20 high, Nov 30 low

*SUP 3: $1.1773 Initial recovery high Nov 22, now support

*SUP 4: $1.1728 1.618 swing of $1.1809-$1.1940

*COMMENTARY* Found support last Thursday from the Nov 20 high at $1.1809, also a

61.8% retrace of the preceding $1.1713-$1.1961 rise, seen at the end of last

month. The subsequent recovery has squeezed back above the near term pivot at

$1.1925 to $1.1940 but without any real conviction. Meanwhile overbought hourly

conditions are being corrected, support from around $1.1840 now the protection

to $1.1809 again. Above $1.1966 needed to prompt a further $1.2020-$1.2055 rise.