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Pullback Tests Top Of...........>

EURO-STERLING TECHS
EURO-STERLING TECHS: Pullback Tests Top Of Stg0.8775-Stg0.8761 Support
*RES 4: Stg0.8886 Mar 13 high, 76.4% of Stg0.8968-Stg0.8620
*RES 3: Stg0.8857/74 1.618 swing Stg0.8790-Stg0.8681, 1% vol
*RES 2: Stg0.8851 Equality rise from 0.8681 to 0.8620-0.8790
*RES 1: Stg0.8835/42 61.8% Stg0.8968-Stg0.8620, May 4 high
*PRICE: Stg0.8804 @0822GMT
*SUP 1: Stg0.8775 Hourly support
*SUP 2: Stg0.8761 May 1 low
*SUP 3: Stg0.8714 Initial rally high Apr 27, now support
*SUP 4: Stg0.8681 Apr 26 low
*COMMENTARY* Last Monday's move back above Stg0.8794-Stg0.8798 resistance took
us back into the upper half of the 6 month bear channel, with the
Stg0.8835-Stg0.8857 area likely to provide the next test to this rally. As a
result, nearest support moves up to Stg0.8775-Stg0.8761, back below the latter
would caution near term. Directly through Stg0.8857 and the upper 1% volatility
band at Stg0.8874 can be the next bar to a higher Stg0.8886 rise.

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