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0.8850 Proving Hard to..........>

EURO-STERLING TECHS
EURO-STERLING TECHS: 0.8850 Proving Hard to Overcome
EURGBP peaked at 0.8850 (May 24) and has since registered a series of lower
highs, giving more importance to this level. Bulls need a break above here & the
50% retracement of 0.9415-0.8305 at 0.8860 to extend the uptrend. Further
resistance is located at 0.8889 from the Jan 16 high, ahead of a run at the 0.89
level. Bears need a close back under the 200-dma at 0.8789 to stabilise the
outlook, before focusing on a return to 0.8700 & the 100-dma which crosses at
0.8676.

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