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Further Rise Relies On..........>
EURO-STERLING TECHS: Further Rise Relies On Stg0.8850 Support Holding
*RES 4: Stg0.8951 76.4% Fibo of Stg0.9032-Stg0.8687
*RES 3: Stg0.8930 Jan 12 high
*RES 2: Stg0.8900 61.8% Fibo of Stg0.9032-Stg0.8687
*RES 1: Stg0.8893 3 month falling resistance line
*PRICE: Stg0.8885 @1055GMT
*SUP 1: Stg0.8850 Hourly support
*SUP 2: Stg0.8825 Hourly congestion area Feb 2-Feb 5
*SUP 3: Stg0.8813 Feb 5 low
*SUP 4: Stg0.8780 Feb 1 high, now support
*COMMENTARY* The recovery from last week's dip to Stg0.8716 is now more than
100% complete with the rally back through Stg0.8837. Has subsequently moved
through the higher Stg0.8873 level today, a 76.4% Fibo retrace of the most
recent fall from Stg0.8930. This now leaves the Stg0.8893-Stg0.8900 region as
the next potential bar to a Stg0.8930 return. Support comes from Stg0.8850, loss
would caution and suggest some overbought conditions are in need of repair.
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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.