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Consolidation Theme The.........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Consolidation Theme
The retracement off Friday's high (0.8874) extended to 0.8840 at the NY close.
Consolidation has largely remained the theme with bulls needing to clear the 50%
fibo at 0.8860 to cement the uptrend. Further resistance is located at 0.8889
from the Jan 16 high, ahead of a run at the 0.89 level. On the downside bears
need a move back under broken pivotal resistance-turned-support & channel base
around 0.8840. Below here opens a return to the 0.8800 level, ahead of the
200-dma at 0.8786.

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