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Pullback Testing Back Towards...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Pullback Testing Back Towards Stg0.8761 Support
*RES 4: Stg0.8857/74 1.618 swing Stg0.8790-Stg0.8681, 1% vol
*RES 3: Stg0.8851 Equality rise from 0.8681 to 0.8620-0.8790
*RES 2: Stg0.8835/42 61.8% Stg0.8968-Stg0.8620, May 4 high
*RES 1: Stg0.8810 Intraday high
*PRICE: Stg0.8768 @1645GMT
*SUP 1: Stg0.8761 May 1 low
*SUP 2: Stg0.8742 61.8% Fibo of Stg0.8681-Stg0.8842
*SUP 3: Stg0.8714/19 Initial rally high Apr 27, 76.4% Fibo
*SUP 4: Stg0.8681 Apr 26 low
*COMMENTARY* Last Monday's move back above Stg0.8794-Stg0.8798 took us back into
the upper half of the 6 month bear channel, with the Stg0.8835-Stg0.8857 area
then likely to provide the next test to this rally. As a result, nearest support
moved up to Stg0.8775-Stg0.8761, a loss of the latter would caution near term
and allow some deeper correction, initially of gains from the Apr 26 low at
Stg0.8681. Nearest resistance falls to the day's Stg0.8810 high.

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