Recovery Attempts Benign While....>

EURO-DOLLAR TECHS: Recovery Attempts Benign While $1.2225-$1.2247 Caps

*RES 4: $1.2329/36 Apr 19, Apr 17 lows, now resistance

*RES 3: $1.2290 Apr 23 high

*RES 2: $1.2245/47 Apr 24 high, base broken bull channel

*RES 1: $1.2215/25 Hourly resistance

*PRICE: $1.2169 @0740GMT 

*SUP 1: $1.2153/55 Equality fall from $1.2415, Mar 1 low

*SUP 2: $1.2143 1.618 swing of $1.2182-$1.2245

*SUP 3: $1.2091/93 1.618 swing $1.2215-$1.2415, Sep 8 high

*SUP 4: $1.2038/41 10 week bear channel, 2% volatility band

*COMMENTARY* Tuesday's recovery retested the base of the previously broken 8

week bull channel, now at $1.2247, before once again testing lower. Still have

to deal with $1.2155-$1.2143 support, before the way becomes clear for a deeper

$1.2093-$1.2091 fall. As a result, there is now earlier resistance from

$1.2215-$1.2225, but back above $1.2247 is the key to any decent recovery and a

correction of losses, initially from the month's $1.2415 high.