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Rallies Back Into Top Half of...>

EURO-STERLING TECHS: Rallies Back Into Top Half of 6 Month Bear Channel 
*RES 4: Stg0.8886 Mar 13 high, 76.4% of Stg0.8968-Stg0.8620
*RES 3: Stg0.8851 Equality rise from 0.8681 to 0.8620-0.8790
*RES 2: Stg0.8835/40 61.8% Stg0.8968-Stg0.8620, 1% vol band
*RES 1: Stg0.8828 Apr 30 high
*PRICE: Stg0.8813 @1740GMT
*SUP 1: Stg0.8755/61 Hourly support, intraday low
*SUP 2: Stg0.8735 Hourly congestion Apr 25-26
*SUP 3: Stg0.8714 Initial rally high Apr 27, now support
*SUP 4: Stg0.8681 Apr 26 low
*COMMENTARY* Support from Stg0.8681 held the pullback last week and Friday's
recovery saw us back to challenging the previously troublesome
Stg0.8794-Stg0.8798 resistance. Monday's move higher takes us back into the
upper half of the 6 month bear channel, the Stg0.8835-40 area likely to provide
the next test to this rally. As a result, nearest support of note moves up to
Stg0.8755. The equality rise at Stg0.8851 is next above Stg0.8840.

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