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0.89 Level Key Italian budget...>

EURO-STERLING TECHS
EURO-STERLING TECHS: 0.89 Level Key
Italian budget concerns dent risk appetite with EURGBP dipping back under the
0.89 level. A close below here is needed to accelerate weakness and open the Sep
20 lows at 0.8848. A break targets the 200-dma at 0.8840, ahead of the July 4
low at 0.8799. Bulls need a close above 0.89 to target the double-top resistance
area at 0.8995/00 for confirmation of the uptrend. A break above 0.9052 is
needed to challenge the 0.9100 level which holds the YTD high at 0.9098.

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