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Several Euribor Flies

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(K1) Corrective Pullback

  • RES 4: $1514.44 - 2.236 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 3: $1475.00 - 2.00 proj of Oct 29 - Nov 25 rally from Dec 2 low
  • RES 2: $1460.00 - High Mar 8 and the bull trigger
  • RES 1: $1435.00 - High Mar 23
  • PRICE: $1375.75 @ 13:44 GMT Mar 31
  • SUP 1: $1364.50 - Low Mar 30
  • SUP 2: $1336.75 - Low Feb 11
  • SUP 3: $1297.00 - Low Feb 25
  • SUP 4: $1244.00 - Low Dec 29

Soybean futures are softer and correcting lower. The contract touched $1460.00 on Mar 8. The climb confirmed a resumption of the uptrend with futures extending the bullish price sequence of higher highs and higher lows. Scope is seen for gains towards $1475.00, a Fibonacci projection. On the downside, support at $1378.25, Feb 26 low has been breached. A deeper pullback would open $1336.75, Feb 11 low.

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