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(M18) Breaks 6 Week Downtrend,.........>

SCHATZ TECHS: (M18) Breaks 6 Week Downtrend, 111.930-111.960 Resistance
*RES 4: 112.010/020 0.1% volatility band, Dec 19 low
*RES 3: 111.990 Mar 28 high
*RES 2: 111.960 Apr 4 high
*RES 1: 111.930/940 Apr 13, Apr 30, May 4 highs
*PRICE: 111.910 @1635GMT
*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 clear 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.

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