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MNI US MARKETS ANALYSIS - EUR Steadies Ahead of ECB
(H3) Pullback Still Considered Corrective
- RES 4: 144.46 1.50 proj of the Oct 21 - 28 - Nov 8 price swing
- RES 3: 143.68 1.382 proj of the Oct 21 - 28 - Nov 8 price swing
- RES 2: 143.00 Round number resistance
- RES 1: 141.94/142.91 High Dec 9 / 7 and the bull trigger
- PRICE: 140.14 @ 05:05 GMT Dec 13
- SUP 1: 139.96 Intraday low
- SUP 2: 139.62 Low Nov 29
- SUP 3: 136.13 Low Nov 28 and a key short-term support
- SUP 4: 138.34 Low Nov 18
The Bund futures trend direction is up and the latest pullback is considered corrective - for now. Resistance at 141.94, the Nov 24 high, has recently been breached and moving average studies have crossed, to highlight a bull mode condition. This signals a stronger reversal. A positive price sequence of higher highs and higher lows also remains intact. Potential is seen for a climb to 143.00. Firm support has been defined at 139.13, the Nov 28 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.