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(H1) Outlook Deteriorating Further

  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 99.002 - 50-DMA
  • PRICE: 98.415 @ 14:56 GMT Feb 22
  • SUP 1: 98.360 - Low Feb 22
  • SUP 2: 98.249 - 38.2% March Sell-Off
  • SUP 3: 98.300 - 3.0% Lower Bollinger Band

The medium-term outlook deteriorated further Monday, with prices hitting new cycle lows of 98.360 early Monday. This adds further pressure to the already bearish outlook, particularly as prices took out the 50% Fib for the March - April 2020 recovery at 98.423. This opens 98.249, the 38.2% Fib for the March 2020 sell-off. On the upside, an initial key resistance has been defined at 99.035, Dec 23 high.

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