Recovery Still Requires...........>

EURO-DOLLAR TECHS: Recovery Still Requires $1.1835-$1.1845 Break

*RES 4: $1.1940 Dec 1 high, 1.618 swing $1.1863-$1.1738 

*RES 3: $1.1903 76.4% Fibo of $1.1961-$1.1717, 1% vol band

*RES 2: $1.1863/68 Dec 14 high, 61.8% Fibo of $1.1961-$1.1717

*RES 1: $1.1835/45 Hourly congestion area Dec 14

*PRICE: $1.1810 @0830GMT 

*SUP 1: $1.1760/70 Hourly support

*SUP 2: $1.1738 Dec 15 low

*SUP 3: $1.1709/13 61.8% of $1.1554-$1.1961, Nov 21 low

*SUP 4: $1.1694 1.618x 1.1961-$1.1809 from $1.1940

*COMMENTARY* A deeper setback than anticipated on Friday, the loss of $1.1763

seeing a further dip to $1.1738 before encountering some oversold hourly

conditions. This still leaves the congested $1.1713-$1.1694 support area intact.

The subsequent recovery has risen above $1.1800-$1.1813 but likely requiring a

move back through $1.1835-45, before once again being in a position to challenge

the Dec 14 high and 61.8% Fibo retrace level at $1.1863-68 and perhaps higher.