Free Trial

Pressure Resumes After..........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Pressure Resumes After Failure To Sustain Stg0.8900 Break
*RES 4: Stg0.8842 Intraday high
*RES 3: Stg0.8823 Initial intraday low, now resistance
*RES 2: Stg0.8800 Further hourly resistance
*RES 1: Stg0.8775/85 Hourly resistance
*PRICE: Stg0.8749 @1455GMT
*SUP 1: Stg0.8732/40 Intraday low, 76.4% Stg0.8687-Stg0.8909
*SUP 2: Stg0.8717/20 Feb 1 low, 1% volatility band
*SUP 3: Stg0.8687 Jan 24 low
*SUP 4: Stg0.8642 Jun 8 low
*COMMENTARY* Following the inability to sustain a move back above Stg0.8900,
pressure has resumed on the downside. Support from the Feb 5 low at Stg0.8813
has given way and the subsequent slide has also lost the Feb 2 low at Stg0.8757.
This has put pressure on the 76.4% Fibo retrace level at Stg0.8740, a low of
Stg0.8732 before seeing a small bounce. This will find Stg0.8775-Stg0.8800 as
resistance now. Directly below Stg0.8732 and focus back on Stg0.8720-Stg0.8717.

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.