Recovery Reaches Dual $1.1676.....>

EURO-DOLLAR TECHS: Recovery Reaches Dual $1.1676 Resistance

*RES 4: $1.1751/54 May 24 high, 76.4% of $1.1830-$1.1510

*RES 3: $1.1729 May 28 high

*RES 2: $1.1711 6 week falling resistance line

*RES 1: $1.1676 May 23 low, 76.4% of $1.1729-$1.1510

*PRICE: $1.1653 @1545GMT 

*SUP 1: $1.1590/95 Hourly support

*SUP 2: $1.1549 Initial recovery high May 29, now support

*SUP 3: $1.1510 May 29 low

*SUP 4: $1.1448/65 50% $1.0340-$1.2556, 2% volatility band

*COMMENTARY* Found a base on Tuesday at $1.1510 just below hourly support at the

time from $1.1515. The subsequent recovery is helping to reduce oversold

conditions, $1.1612-$1.1646 overcome today, dual resistance from $1.1676 the

current barrier to gains. As a result, support rises to $1.1595-$1.1590, with

$1.1540 then protecting $1.1510. Above $1.1676 and scope to see a further

$1.1711-$1.1754 rise.