Recovery Faces Initial............>

EURO-DOLLAR TECHS: Recovery Faces Initial $1.2397-$1.2413 Barrier

*RES 4: $1.2455/61 1% vol band, 76.4% of $1.2556-$1.2155

*RES 3: $1.2446 Mar 7 high

*RES 2: $1.2413 Mar 14 high

*RES 1: $1.2397 76.4% Fibo of $1.2446-$1.2240

*PRICE: $1.2358 @0838GMT 

*SUP 1: $1.2332/42 Hourly support, intraday low

*SUP 2: $1.2296 Initial recovery high Mar 21, now support

*SUP 3: $1.2260/65 Hourly basing area Mar 16-Mar 21

*SUP 4: $1.2224/40 76.4% of $1.2155-$1.2446, Mar 21 low

*COMMENTARY* Attempting a clear break above the 5 week falling resistance line,

at $1.2367 today. A sustained move through here will find next resistance from

the 76.4% Fibo retrace level at $1.2397 and the Mar 14 high at $1.2413. While

capped here, look to $1.2342-$.2332 for initial support, $1.2296 currently of

more consequence below and protection against a $1.2265-$1.2240 return. Directly

above $1.2413 and the old adversaries between $1.2446-$1.2461 remain higher.