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Recovery Once Again.............>

EURO-STERLING TECHS
EURO-STERLING TECHS: Recovery Once Again Challenging Stg0.8837-38 Resistance
*RES 4: Stg0.8893 3 month falling resistance line
*RES 3: Stg0.8873 76.4% Fibo of Stg0.8930-Stg0.8687
*RES 2: Stg0.8862 1% volatility band
*RES 1: Stg0.8837/38 Jan 30, 18 highs, 61.8% 0.8930-0.8687
*PRICE: Stg0.8827 @0955GMT
*SUP 1: Stg0.8790/95 Hourly support
*SUP 2: Stg0.8780 Feb 1 high, now support
*SUP 3: Stg0.8757 Feb 2 low
*SUP 4: Stg0.8743 Hourly base Feb 1
*COMMENTARY* The recovery from last week's dip to Stg0.8716 is now 100% complete
with the rally back to Stg0.8837. Has once again stalled here, principally on
the back of some overbought conditions because of that rise. While capped here,
look to Stg0.8795-Stg0.8780 to provide support and the base for a fresh attempt
higher, Stg0.8862-Stg0.8873 the next resistance higher. Loss of Stg0.8780 will
caution in the near term and suggest scope for a move back down the range.

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