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EURO-STERLING TECHS: Recovery Faltering Below Familiar Resistance
*RES 4: Stg0.8882 2% volatility band
*RES 3: Stg0.8835 61.8% Fibo of Stg0.8968-Stg0.8620
*RES 2: Stg0.8798 Mar 27 high
*RES 1: Stg0.8794/95 50% of Stg0.8968-Stg0.8620, 1% vol band
*PRICE: Stg0.8749 @0850GMT
*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 earlier in
the month, a brief dip to Stg0.8620 was held by the lower 1% volatility band at
the time. The subsequent rise, has now broken back above Stg0.8753-Stg0.8759
resistance but this again sees the Stg0.8794-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.