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J.P.Morgan: De-Risking Dominates

(U18) Key 97.475 Level Holds....>

US EURODOLLAR TECHS
US EURODOLLAR TECHS: (U18) Key 97.475 Level Holds And Prompts Recovery
*RES 4: 97.640 May 29 high
*RES 3: 97.600 76.4% Fibo of 97.640-97.475
*RES 2: 97.575 May 14 high, 61.8% of 97.640-97.475
*RES 1: 97.560 Jun 7 high
*PRICE: 97.535 @1126GMT
*SUP 1: 97.495/500 Hourly support
*SUP 2: 97.475 Apr 25, May 8 lows
*SUP 3: 97.425 50% Fibo of 95.695-99.155
*SUP 4: 97.375 1.618 swing of 97.475-97.640
*COMMENTARY* Saw a move back above the 9 month falling resistance line earlier
last month and this has been the precursor to some recovery. We have
subsequently seen a rally back to 97.640 where the rally stalled. As a result,
last Wednesday saw a loss of 97.500 support, although the decline has so far
been held by the stronger 97.475 level. This remains key to overall direction.
Nearest resistance 97.560-97.575, although above 97.600 needed for impetus.