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EURO-STERLING TECHS: Bounces Off Former Trendline
*RES 3: 0.8658 High Nov 7
*RES 2: 0.8605 High Nov 22
*RES 1: 0.8596 High Jan 14
*PRICE: 0.8515 @ 17:04 GMT Jan 16
*SUP 1: 0.8509 Former trendline resistance drawn off the Aug 12 high
*SUP 2: 0.8452 Low Dec 31 and near-term bear trigger
*SUP 3: 0.8356 Low Dec 17
Support at the former trendline resistance at 0.8509 held well Thursday despite
downside pressure in the cross. This keeps the balance with bulls following
Monday's break of key trendline resistance at 0.8544. The trendline is drawn off
the Aug 12 high and the break represents a key bullish technical development
plus, signals a trend reversal of the decline that started on Aug 12. The breach
also signals an extension of the uptrend that began off the Dec 13 low. The
focus is on 0.8605 next, Nov 22 high and beyond.