Recovery Falters Beneath..........>

EURO-DOLLAR TECHS: Recovery Falters Beneath $1.1790 Resistance

*RES 4: $1.1911/21 Aug 2 high, equality rise from $1.1119

*RES 3: $1.1860/70 Series congestion lows Aug 3-4

*RES 2: $1.1824/30 Aug 8 high, Aug 3 low

*RES 1: $1.1786/90 Aug 10 high, hourly resistance

*PRICE: $1.1754 @0909GMT 

*SUP 1: $1.1705/15 Hourly support

*SUP 2: $1.1682/89 38.2% of $1.1312-$1.1911, Jul 21 high

*SUP 3: $1.1650 Jul 27 low

*SUP 4: $1.1629 1.618 swing of $1.1689-$1.1786

*COMMENTARY* Having lost $1.1712 support on Wednesday, we began a correction of

gains from the early July low at $1.1312. A low of $1.1689 so far, just ahead of

the next $1.1682-$1.1684 target area. The 1% volatility band is at the slightly

lower $1.1680 level today. Meanwhile the subsequent recovery has reached into

near term resistance between $1.1770-$1.1790. The latter the bar to any greater

recovery. Lose $1.1682-$1.1680 and then $1.1650-$1.1612 comes into play.