(Z17) 111.920 Break Would Assist.......>

SCHATZ TECHS: (Z17) 111.920 Break Would Assist Further Recovery

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

*RES 3: 111.990 0.1% volatility band

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

*RES 1: 111.920 Feb 9, Feb 12 highs

*PRICE: 111.890 @0905GMT

*SUP 1: 111.800/820 Feb 8 low, hourly support

*SUP 2: 111.770 Jan 29 low

*SUP 3: 111.760 0.1% volatility band

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

*COMMENTARY* This month's rally has so far been unable to break through 111.950

resistance, above which remains pivotal to any further recovery prospects. The

subsequent fall has been back to test 111.800, itself now the protection against

a 111.770 return and potentially the lower 111.760-111.710 area. In the

meantime, closer resistance from 111.920 remains elusive and is the key to

another 111.950 challenge.