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Bear flag or base building?:....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Bear flag or base building?:
*RES 4: 0.9276 High Aug 14
*RES 3: 0.9184/9207 High Aug 22 / Low Aug 8
*RES 2: 0.9131 Key resistance
*RES 1: 0.9123 High Aug 28
*PRICE: 0.9090 @ 04:37 GMT Sep 3
*SUP 1: 0.9016 Low Aug 27
*SUP 2: 0.9006/00 38.2% retrace of May 6 - Aug 12 rally / Round number support
*SUP 3: 0.8946 Low Jul 26
*SUP 4: 0.8908/8892 50% retrace of May 6 - Aug 12 rally / Low Jul 25
EURGBP still trading in the area marked by key trendline support drawn off the
May 6 low and the 50-dma. Current consolidation is either, a bear flag that
suggests prices will likely move below 0.9016 to confirm a resumption of the
bear trend since Aug 12. This would open 0.9000 and the late July lows of 0.8946
/ 0.8892. Alternatively, consolidation is base building, a break of 0.9123 would
provide some relief from the existing bearish threat and open 0.9184.

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