ICE EUA FUTURES TECHS: (Z4) Bear Cycle Remains In Play

• RES 4: €78.10 - High May 23 and key resistance 
• RES 3: €74.83 - 76.4% retracement of the May 23 - Jul 22 bear leg
• RES 2: €72.21/74.75 - High Aug 28 / 20 and a bull trigger
• RES 1: €70.63 - 20-day EMA      
• PRICE: €67.46 @ 13:24 BST Sep 3
• SUP 1: €66.60 - Low Jul 25 
• SUP 2: €65.55 - Low Jul 24
• SUP 3: €64.24 - Low Jul 22 and the bear trigger 
• SUP 4: €62.29 - Low Apr 10 

A bullish theme in ICE EUA futures remains intact, however, a corrective cycle is in play and the contract has traded lower this week. Price has breached both the 20- and 50-day EMAs, signalling potential for a continuation. The next support is €66.60, the Jul 25 low, where a break would expose a more important support at €64.24, Jul 22 low. A reversal higher and a break of €72.21, Aug 28 high, would signal the end of the correction.