STG / EURO
Thu, Jul 16 2009, 07:33 GMT
by Carol Harmer
STG / EURO

Stg/Euro faltered ahead of its downtrend line and has come lower. There is support from a shorter uptrend line and this comes in at 1.1600. Also the short term fib is above here at 1.1615, so this should then act as good support. Buyers will be out in force looking to defend this market.
If sellers manage to break through this barrier then 1.1590/85 would be the next objective. Here expect sellers to cover. Buyers will attempt, but they will flee if below 1.1570. Below here leaves the 1.1542/35 support exposed.
Now 1.1615/1.1600 holding keeps the cross on track for 1.1685/95 once more. Buyers will cover. Buyers would then only get involved if this came above 1.1730. Then they would be looking at 1.1790/118 as their targeted area.







