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EURO-STERLING TECHS: Near Term Bear Bias After 8 Week Support Line Break
*RES 4: Stg0.9306 Aug 29 high
*RES 3: Stg0.9270 Aug 30 high
*RES 2: Stg0.9238/43 Aug 31 high, broken 8 week support line
*RES 1: Stg0.9223/28 Sep 1, Sep 4 highs
*PRICE: Stg0.9193 @0900GMT
*SUP 1: Stg0.9165/75 Hourly support
*SUP 2: Stg0.9142/49 Aug 16 high, Sep 1 low
*SUP 3: Stg0.9119 1% volatility band
*SUP 4: Stg0.9091 38.2% Fibo of Stg0.8743-Stg0.9306
*COMMENTARY* Broke above both the upper 1% volatility band and the 4 month bull
channel top last week but the rally was halted just below the equality rise
target at Stg0.9310. The subsequent pullback, aided by a 'Doji' candle close on
that day, has breached the 8 week support line and also the key near term
support at Stg0.9190. Sustained loss here would concern now and open potential
for a further Stg0.9142-Stg0.9091 fall. Resistance Stg0.9223-Stg0.9270.