Recovery Still Has Initial........>

EURO-DOLLAR TECHS: Recovery Still Has Initial $1.2397-$1.2413 Barrier

*RES 4: $1.2461 76.4% Fibo of $1.2556-$1.2155, 1% vol band

*RES 3: $1.2446/53 Mar 7 high, 1.618 swing $1.2389-$1.2286

*RES 2: $1.2413 Mar 14 high

*RES 1: $1.2397 76.4% Fibo of $1.2446-$1.2240

*PRICE: $1.2385 @0745GMT 

*SUP 1: $1.2315/25 Hourly support

*SUP 2: $1.2286 Mar 22 low

*SUP 3: $1.2240 Mar 21 low

*SUP 4: $1.2212 1% volatility band

*COMMENTARY* Approaching a tricky area of resistance, which needs to be cleared,

before confidence in fresh upside strength will appear. This resides firstly

between $1.2397-$1.2413 and then more importantly $1.2446-$1.2461 higher. Not

until a sustained break above the latter is seen, will the risk of a pullback be

dissipated. In this respect, initial support comes from between $1.2325-$1.2315

and then last Thursday's $1.2286 low. Back below here will disappoint.