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Free AccessRecovery Faltering Below........>
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.