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Free AccessRecovery Needs To Break Key.....>
EURO-STERLING TECHS: Recovery Needs To Break Key Stg0.8900-Stg0.8908 Resistance
*RES 4: Stg0.9037/40 Sep 13, 14 highs, 50% Fibo retrace
*RES 3: Stg0.8977/82 38.2% Stg0.9306-Stg0.8774, Sep 12 low
*RES 2: Stg0.8900/08 23.6% Fibo retrace, recovery high Sep 14
*RES 1: Stg0.8890 Hourly resistance
*PRICE: Stg0.8862 @0940GMT
*SUP 1: Stg0.8826/29 Intraday low, initial high Sep 15
*SUP 2: Stg0.8805 Hourly congestion highs Sep 15, Sep 18
*SUP 3: Stg0.8774/84 Sep 15 low, 2% volatility band
*SUP 4: Stg0.8743 Jul 14 low
*COMMENTARY* Managed to contain the fall at Stg0.8774 and as a result became
oversold in the near term. The move above Stg0.8878 on Tuesday can now allow a
test to the key resistance area set between Stg0.8900-Stg0.8908. This the 23.6%
Fibo of the Stg0.9306-Stg0.8774 fall, as well as the recovery high on Sep 14.
Through here needed to inject real impetus to the recovery. Support from
Stg0.8829-Stg0.8805, loss of the latter would disappoint and caution now.
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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.