Recovery Falters Ahead Of.........>

EURO-DOLLAR TECHS: Recovery Falters Ahead Of $1.1898 Resistance

*RES 4: $1.2009 May 3 high

*RES 3: $1.1977 May 7 high

*RES 2: $1.1939 May 8 high

*RES 1: $1.1898 May 7 low, now resistance

*PRICE: $1.1850 @1618GMT 

*SUP 1: $1.1823/28 Intraday low, 1.618x $1.2556-$1.2155 

*SUP 2: $1.1790 76.4% Fibo of $1.1554-$1.2556

*SUP 3: $1.1738/45 Dec 15 low, 2% volatility band

*SUP 4: $1.1709/17 38.2% of $1.0340-$1.2556, Dec 12 low

*COMMENTARY* The projection target at $1.1828 came under challenge today, a low

of $1.1823 before encountering some oversold hourly conditions. Initial

resistance from the day's previous $1.1870 high has been overcome but the May 7

low at $1.1898 is of more importance above. Will need to climb back above here

before any rally will carry the threat of a decent sized correction. Below

$1.1823 and the 76.4% Fibo level at $1.1790 protects against a deeper fall.