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Recovery Fails Below..............>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Recovery Fails Below $1.2225-$1.2247 Portends Fresh Fall
*RES 4: $1.2245/50 Apr 24 high, 8 wk channel base, Apr 20 low
*RES 3: $1.2210 Intraday high
*RES 2: $1.2183 Initial intraday pullback low
*RES 1: $1.2145/55 Hourly resistance
*PRICE: $1.2110 @1555GMT 
*SUP 1: $1.2105 1.618 swing of $1.2145-$1.2210
*SUP 2: $1.2091/93 1.618 swing $1.2215-$1.2415, Sep 8 high
*SUP 3: $1.2055 50% Fibo of $1.1554-$1.2556
*SUP 4: $1.2035/38 2% volatility band, 10 week bear channel
*COMMENTARY* Tuesday's recovery retested the base of the previously broken 8
week bull channel, now at $1.2247, before once again testing lower.
$1.2155-$1.2143 support proved frustrating earlier in the day, allowing a
$1.2210 bounce, which failed to trouble $1.2225-$1.2247 resistance. The
subsequent fall now aims to test the resolve of the $1.2093-$1.2091 area, which
in turn protects $1.2055-$1.2035. Nearest resistance $1.2145-$1.2183.

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