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(H4) Corrective Pullback Finds First Support
- RES 4: 115-00+ 2.236 proj of the Oct 19 - Nov 3 - Nov 13 price swing
- RES 3: 114-06+ 2.00 proj of the Oct 19 - Nov 3 - Nov 13 price swing
- RES 2: 114-00 Round number resistance
- RES 1: 113-12+ 1.764 proj of the Oct 19 - Nov 3 - Nov 13 price swing
- PRICE: 112-07+ @ 11:07 GMT Jan 04
- SUP 1: 111-31+/28 20-day EMA / Low Jan 03
- SUP 2: 111-09+ High Dec 7
- SUP 3: 109-31+ Low Dec 11 and key short-term support
- SUP 4: 110-24+ 50-day EMA
The corrective pullback in Treasuries found its first support Wednesday, with prices steadying at the 20-day EMA of 111-31+. The level slowed any further decline and has allowed for a modest recovery ahead of the Thursday crossover. Nonetheless, prices are again fading, raising the focus on that key support. More broadly, the technical picture remains positive following the price sequence of higher highs and higher lows into December-end. Sights are on 113-12+, a Fibonacci projection point.
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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.