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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
(H3) Bear Cycle Extends
- RES 4: 116-00 High Feb 2
- RES 3: 115-22+ High Feb 3
- RES 2: 114-18 20-day EMA
- RES 1: 114-11+ High Feb 6
- PRICE: 113-15+ @ 11:46 GMT Feb 7
- SUP 1: 113-10+ Feb 6 Low
- SUP 2: 112-29 76.4% retracement of the Dec 30 - Jan 19 bull run
- SUP 3: 112-18+ Low Jan 5
- SUP 4: 112-10+ Trendline support drawn from the Oct 21 low
A sharp pullback in Treasury futures Friday and a continuation lower Monday, highlights a bearish cycle and signals scope for an extension of the current bear cycle. The contract has breached 114-05+, the Jan 30 low and a short-term bear trigger. Note that price has also breached the 50-day EMA. This opens 112-29 next - a Fibonacci retracement. Initial firm resistance is seen at 114-18, the 20-day EMA.
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