(Z17) Recovery Fails To Make A.........>

SCHATZ TECHS: (Z17) Recovery Fails To Make A 111.960 Break 

*RES 4: 112.030 50% Fibo of 112.240-111.830

*RES 3: 112.000 Jan 3, Jan 9 highs, 38.2% of 112.240-111.850

*RES 2: 111.960 Hourly basing area Jan 9-10

*RES 1: 111.930 Hourly resistance

*PRICE: 111.860 @1550GMT

*SUP 1: 111.830 Jan 12 low

*SUP 2: 111.810 Jun 28 low

*SUP 3: 111.790 0.1% volatility band

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

*COMMENTARY* The recovery from the month's earlier fall to 111.830 broke back

above 111.890 but needed the further impetus of a 111.960 break, in order to

continue the correction of losses sustained since the 112.000 high on Jan 9 and

potentially from the December peak at 112.24. Failure to conquer this area has

seen focus return lower and with the loss of 111.860, pressure is back on

111.830.