Free Trial

Fibo Retrace At Stg0.8951.......>

EURO-STERLING TECHS
EURO-STERLING TECHS: Fibo Retrace At Stg0.8951 Caps, Watching Stg0.8883-85
*RES 4: Stg0.9013 Nov 15 high, 1.618 swing 0.8920-0.8771
*RES 3: Stg0.8981 Nov 28 high
*RES 2: Stg0.8951 Mar 2 high, 76.4% of Stg0.9032-Stg0.8687
*RES 1: Stg0.8937 1% volatility band
*PRICE: Stg0.8922 @1355GMT
*SUP 1: Stg0.8883/85 Hourly base Mar 1, Mar 5 low
*SUP 2: Stg0.8864 Feb 22 high, now support
*SUP 3: Stg0.8837 Mar 1 low
*SUP 4: Stg0.8815 Initial rally high Feb 26, now support
*COMMENTARY* Have recently seen a move through the range top at Stg0.8920-26. So
far, this has been halted at Stg0.8951, the 76.4% Fibo retrace level of the
Stg0.9032-Stg0.8687 fall seen since the beginning of October last year. Will
need to maintain a break through here, before the potential for a higher
Stg0.8981-Stg0.9013 rise will occur. In the meantime, Stg0.8905 support has been
lost and suggests scope for some deeper correction of recent gains.

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.