Recovery Still Dependent On.......>

EURO-DOLLAR TECHS: Recovery Still Dependent On Sustained $1.1740-$1.1745 Break

*RES 4: $1.1839 Equality rise from $1.1575 to $1.1527-$1.1791

*RES 3: $1.1808/11 1% vol band, 1.618 swing $1.1751-$1.1654

*RES 2: $1.1791 Jul 9 high 

*RES 1: $1.1751 Jul 23 high

*PRICE: $1.1720 @0815GMT 

*SUP 1: $1.1675/85 Hourly support

*SUP 2: $1.1645/54 Hourly congestion Jul 19-20, Jul 24 low

*SUP 3: $1.1613/26 Jul 13 low, Jul 20 lows

*SUP 4: $1.1575 1% volatility band, Jul 20 low

*COMMENTARY* The lower 1% volatility band came under pressure last week before

launching into a correction of losses seen since the Jul 9 high at $1.1791. This

reached $1.1751 on Monday, just through the 76.4% Fibo retrace level at $1.1740,

and the last prominent peak at $1.1745. Will need to see a maintained rally

through here, before thoughts can turn to $1.1791-$1.1811 again and perhaps

$1.1839-$1.1852. Nearest support now from between $1.1685-$1.1645.