Free Trial

Correction Continues, Falters...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Correction Continues, Falters Around 61.8% Fibo Level
*RES 4: Stg0.8873 76.4% of Stg0.8930-Stg0.8687
*RES 3: Stg0.8870 1% volatility band
*RES 2: Stg0.8846 Jan 19 high
*RES 1: Stg0.8838 Jan 18 high, 61.8% of Stg0.8930-Stg0.8687
*PRICE: Stg0.8781 @1635GMT
*SUP 1: Stg0.8780 Hourly support
*SUP 2: Stg0.8767 Jan 29 low
*SUP 3: Stg0.8740/45 Congestion area Jan 25-26
*SUP 4: Stg0.8724 Jan 26 low
*COMMENTARY* The Dec 8 low at Stg0.8689 was squeezed last Thursday, a slightly
lower Stg0.8687 seen, before bouncing again. The recovery has gained momentum
this week, the latest rise now challenging towards the Jan 18 high and 61.8%
Fibo retrace level at Stg0.8838. As a consequence, support rises, the
Stg0.8780-Stg0.8767 area now anticipated to remain intact, if further gains back
up the recent range are to be contemplated.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.