Recovery Falters Below............>

EURO-DOLLAR TECHS: Recovery Falters Below $1.2397-$1.2413 Barrier

*RES 4: $1.2446 Mar 7 high

*RES 3: $1.2413 Mar 14 high

*RES 2: $1.2389/97 Mar 22 high, 76.4% Fibo of $1.2446-$1.2240

*RES 1: $1.2355/65 Hourly resistance

*PRICE: $1.2340 @0847GMT 

*SUP 1: $1.2286 Mar 22 low

*SUP 2: $1.2260/65 Hourly basing area Mar 16-Mar 21

*SUP 3: $1.2224/40 76.4% of $1.2155-$1.2446, Mar 21 low

*SUP 4: $1.2206 1% volatility band

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

yesterday, at $1.2360 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 below here, there is scope for a pullback, $1.2286 now of

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

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