Recovery Still Hindered By........>

EURO-DOLLAR TECHS: Recovery Still Hindered By $1.2345 Resistance

*RES 4: $1.2445/46 1% volatility band, Mar 7, Mar 8 highs 

*RES 3: $1.2405/10 Congestion area Mar 7-Mar 8

*RES 2: $1.2385 Mar 7 low, now resistance

*RES 1: $1.2345/46 Hourly resistance, Mar 12 high

*PRICE: $1.2322 @0815GMT 

*SUP 1: $1.2290/91 Hourly support, Mar 12 low

*SUP 2: $1.2266/69 61.8% of $1.2155-$1.2446, Mar 5 low

*SUP 3: $1.2222/24 Initial high Mar 1, 76.4% $1.2155-$1.2446

*SUP 4: $1.2199 1% volatility band

*COMMENTARY* The combination of resistance from the upper 1% volatility band and

the base of the previously broken 4 month bull channel, proved a bridge too far

last week. A dual $1.2446 high before succumbing to downside pressure,

heightened by the loss of $1.2365 support. A low of $1.2273 seen so far, just

ahead of the 61.8% retrace level at $1.2366, this of recent gains from $1.2155.

Meantime, $1.2345 acts as resistance with $1.2385-$1.2410 above.