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TECHS: Key Price Signal Summary

MARKET INSIGHT
EURGBP Pressures Trendline And Gilts Defy Gravity.
  • Gold is soft. The focus is on $1763.5, 50.0% of the Mar - Aug rally and $1747.6 - Low Jun 26. Oil markets appear to be correcting. Support to watch in Brent (G1) is $45.87, Nov 27 low and in WTI (F1) at $43.33, Nov 11 high and $42.82, Nov 24 low. Copper (H1) continues to defy gravity and targets $353.66 next, 1.382 projection of the Oct 2 - 21 rally from Nov 4 low.
  • In the FX space, EURUSD is closing in on this year's 1.2011 high from Sep 1. USDJPY key support lies at 103.18, Nov 11 low. Initial support is 103.65, Nov 18 low. Key EURGBP trendline resistance drawn off the Sep 11 high, intersects at 0.8995. The trendline capped gains Friday and is under pressure today. It remains a pivotal resistance. 0.8995/9000 is a key intraday hurdle. The major resistance for bulls in Cable is 1.3421, a multi-year trendline drawn off the Nov 2007 high.
  • Key FI resistance levels: Bund fut: 175.73, Nov 20 high and 176.08, 76.4% of the Nov 4 - 11 sell-off. Gilts (H1): are off to the races again and eying 134.70 next, 1.00 proj of the Nov 16 - 23 rally from Nov 25 low. Treasuries (H1): 138-09+, the 20-day EMA.
  • E-Mini S&P is still trading below 3668.00, Nov 9 high. Support to watch this week is 3506.50. {EU} EUROSTOXX50 focus is on 3553.05, Feb 27 high.

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