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/EUR: CBA Look For A Fall

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Y137.00 Comes Under Attack

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(M2) Southbound

BTP TECHS
  • RES 4: 135.97 50-day EMA
  • RES 3: 135.23 High Apr 14
  • RES 2: 131.60/133.53 20-day EMA / High Apr 28
  • RES 1: 130.03 High Jun 5
  • PRICE: 126.38 @ Close May 6
  • SUP 1: 125.88 2.236 proj of the Mar 31 - Feb 16 - Mar 1 price swing
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures is unchanged and remains bearish - another round of weakness Friday resulted in a fresh cycle low print. This maintains the broader bearish price sequence of lower lows and lower highs that defines a downtrend. Moving average studies are in a bear mode too and the focus is on 125.88 next, a Fibonacci projection. Firm short-term resistance has been defined at 133.53, the Apr 28 high.

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  • RES 4: 135.97 50-day EMA
  • RES 3: 135.23 High Apr 14
  • RES 2: 131.60/133.53 20-day EMA / High Apr 28
  • RES 1: 130.03 High Jun 5
  • PRICE: 126.38 @ Close May 6
  • SUP 1: 125.88 2.236 proj of the Mar 31 - Feb 16 - Mar 1 price swing
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures is unchanged and remains bearish - another round of weakness Friday resulted in a fresh cycle low print. This maintains the broader bearish price sequence of lower lows and lower highs that defines a downtrend. Moving average studies are in a bear mode too and the focus is on 125.88 next, a Fibonacci projection. Firm short-term resistance has been defined at 133.53, the Apr 28 high.