Sustained $1.2295 Break Would.....>

EURO-DOLLAR TECHS: Sustained $1.2295 Break Would Open Up Corrective Potential

*RES 4: $1.2360/65 Congestion area Feb 5-Feb 7

*RES 3: $1.2335 Jan 30 low, now resistance

*RES 2: $1.2314 Feb 6 low, now resistance

*RES 1: $1.2295 Intraday high

*PRICE: $1.2287 @1430GMT 

*SUP 1: $1.2212/19 Intraday low, 1.618 swing $1.2335-$1.2523

*SUP 2: $1.2194 3 month bull channel base projection

*SUP 3: $1.2162/65 38.2% Fibo of $1.1554-$1.538, Jan 17 low

*SUP 4: $1.2137 2% volatility band

*COMMENTARY* Continued to fall since seeing the rally back to $1.2406 early on

Wednesday. Now has sights on the swing target at $1.2219 and perhaps the 3 month

bull channel base projection at $1.2194. These currently seen as the protection

to the next important area of support between $1.2165-$1.2162. A low from mid

January and the 38.2% Fibo retrace of the $1.1554-$1.2538 rise. Meanwhile, the

day's $1.2295 high is the bar to any higher recovery potential.