Recovery Gains Some Momentum......>

EURO-DOLLAR TECHS: Recovery Gains Some Momentum After Hold Above $1.1682-89

*RES 4: $1.1989 4 month bull channel top projection

*RES 3: $1.1911/21 Aug 2 high, equality rise from $1.1119

*RES 2: $1.1860/70 Series congestion lows Aug 3-4

*RES 1: $1.1836 Intraday high

*PRICE: $1.1791 @1508GMT 

*SUP 1: $1.1725/45 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: $1.1612/13 50% of $1.1312-$1.1911, 26 Jul low

*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 now stretched

above near term resistance between $1.1770-$1.1790. This then brings

$1.1830-$1.1870 into the equation. Meanwhile, $1.1745-$1.1725 provides support.