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EURO-STERLING TECHS: Breaks Lower
*RES 3: 0.8658 High Nov 7
*RES 2: 0.8605 High Nov 22
*RES 1: 0.8596 High Jan 14 and bull trigger
*PRICE: 0.8441 @ 17:15 GMT Jan 22
*SUP 1: 0.8424 Low Jan 22
*SUP 2: 0.8399 61.8% December - January rally
*SUP 3: 0.8356 Low Dec 17
The cross has now had 5 down-days in seven and broke lower still Wednesday
having slipped through the January lows of 0.8452. This opens Fib support at
0.8399 initially and the risk of a renewed bearish breakout. This negates the
bullish signs stemming from last week's trendline break and is a concern for
bulls. A deeper pullback would open 0.8356, Dec 17 low and if this level is
cleared, the key bear trigger at 0.8277 would be exposed, the Dec 13 low. Firm
resistance has been defined at 0.8454. Heavy for now.