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EURO-STERLING TECHS: Recovery Now Challenging Key Stg0.8900-Stg0.8908 Resistance
*RES 4: Stg0.9037/40 Sep 13, 14 highs, 50% Fibo retrace
*RES 3: Stg0.8991 1% volatility band
*RES 2: Stg0.8977/82 38.2% Stg0.9306-Stg0.8774, Sep 12 low
*RES 1: Stg0.8900/08 23.6% Fibo retrace, recovery high Sep 14
*PRICE: Stg0.8877 @0950GMT
*SUP 1: Stg0.8840/50 Hourly support
*SUP 2: Stg0.8829 Initial recovery high Sep 15, now support
*SUP 3: Stg0.8805 Hourly congestion highs Sep 15, Sep 18
*SUP 4: Stg0.8774 Sep 15 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 now allows 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 Stg0.8850-40 with
Stg0.8829-Stg0.8805 of more importance below.