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Recovery Challenging Familiar...>

EURO-STERLING TECHS
EURO-STERLING TECHS: Recovery Challenging Familiar Resistance
*RES 4: Stg0.8873 2% volatility band
*RES 3: Stg0.8835 61.8% Fibo of Stg0.8968-Stg0.8620
*RES 2: Stg0.8798 Mar 27 high
*RES 1: Stg0.8790/94 1% vol band, 50% of Stg0.8968-Stg0.8620
*PRICE: Stg0.8760 @0914GMT
*SUP 1: Stg0.8725/30 Hourly support
*SUP 2: Stg0.8706 Initial rally high Apr 19, now support
*SUP 3: Stg0.8689 Apr 19 low
*SUP 4: Stg0.8661 Apr 17 high, now support
*COMMENTARY* Unable to sustain a break below the 6 month bear channel, a brief
dip to Stg0.8620 was held by the lower 1% volatility band at the time. The
subsequent rise, aided by some oversold conditions has now broken back above
Stg0.8753-Stg0.8759 resistance. This again sees the Stg0.8790-Stg0.8798 region
as potential trouble and threat to extending gains back up the channel. Support
moves up to Stg0.8730-Stg0.8725, with Stg0.8706 more important below.

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