(Z17) 111.810 Protects Against Fresh...>

SCHATZ TECHS: (Z17) 111.810 Protects Against Fresh Downside Challenge

*RES 4: 112.000 Jan 3, Jan 9 highs, 50% of 112.240-111.770

*RES 3: 111.970 0.1% volatility band

*RES 2: 111.950 Jan 22 high, 38.2% of 112.240-111.770

*RES 1: 111.910 Hourly resistance

*PRICE: 111.830 @0930GMT

*SUP 1: 111.810 Feb 2 low

*SUP 2: 111.770 Jan 29 low

*SUP 3: 111.730 0.1% volatility band

*SUP 4: 111.710 Mar 14 low, 38.2% of 110.020-112.750

*COMMENTARY* This week's rally was unable to break through 111.950 resistance,

above which was pivotal to any further recovery prospects. The subsequent fall

is back to testing the Feb 2 low at 111.810, itself the protection against a

111.770 return and potentially the lower 111.730-111.710 area. In the meantime,

hourly resistance from 111.910 is the prohibitor to another 111.950 challenge.