(M18) Breaks 5 Week Downtrend,.........>

SCHATZ TECHS: (M18) Breaks 5 Week Downtrend, 111.930 Resistance

*RES 4: 112.020 Dec 19 low, now resistance

*RES 3: 111.990 Mar 28 high, 0.1% volatility band

*RES 2: 111.960 Apr 4 high

*RES 1: 111.930 Apr 13, Apr 30 highs

*PRICE: 111.890 @0748GMT

*SUP 1: 111.850 Hourly support

*SUP 2: 111.830 Mar 5 high, Mar 14, Apr 23, 24 lows

*SUP 3: 111.820 1.618 swing of 111.860-111.930

*SUP 4: 111.790 50% Fibo of 111.590-111.990

*COMMENTARY* Found support toward the end of last month from 111.830, saving a

deeper correction of gains seen since the year's 111.590 low at the end of

January. Currently this pullback looks 3 wave corrective but would now benefit

from a rally through 111.930 initially and 111.960 thereafter. This would bring

the Mar 28 high at 111.990 back into play, along with the higher 112.020-112.090

targets. Nearest support is from 111.850.