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Rally Likely To Encounter.......>

EURO-STERLING TECHS
EURO-STERLING TECHS: Rally Likely To Encounter Stg0.8835-Stg0.8857 Resistance
*RES 4: Stg0.8886 Mar 13 high, 76.4% of Stg0.8968-Stg0.8620
*RES 3: Stg0.8857 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 61.8% Fibo of Stg0.8968-Stg0.8620
*PRICE: Stg0.8796 @0900GMT
*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* 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-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.

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