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Fresh Cycle Low


BLOCK, Large 5Y Buy


Clears Key Supports


2H22 Fed Hike Expectations Taking The Brunt

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*RES 3: 1.4198 High Apr 23
*RES 2: 1.4173 High May 7 and key near-term resistance
*RES 1: 1.4045 23.6% March - April Decline
*PRICE: 1.4023 @ 16:57 BST May 11
*SUP 1: 1.3851 Low Apr 30 and bear trigger
*SUP 2: 1.3812 50.0% retracement of the rally between Jan 7 - Mar 19
*SUP 3: 1.3734 Low Mar 16
Upside was favoured Monday, putting near-term resistance levels under pressure
but prices remain dictated by the Fibonacci patterns drawn from the March -
April decline. As such, the 23.6% retracement is key resistance going forward,
which prices failed to top Monday. Unless prices top this mark, the pair remains
weak with attention on support at 1.3851, the Apr 30 low. A break of this level
would negate the recent positive focus and instead confirm a resumption of the
reversal that started Mar 19. This would open 1.3812, a retracement level.

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