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Free Access(U0) Downside Argument Remains Evident
- RES 4: 135.757 76.4% retrace of the May 4 - Jun 10 decline (cont)
- RES 3: 135.500 High May 22 (cont)
- RES 2: 135.421 61.8% retrace of the May 4 - Jun 10 decline (cont)
- RES 1: 135.350 High Jul 31
- PRICE: 134.520 @ 03:42 BST Aug 14
- SUP 1: 134.510 Low Aug 13 / Jul 2 and key support
- SUP 2: 134.410 Low Jun 17
- SUP 3: 134.386 61.8% Jun - Aug rally
- SUP 4: 133.595 1.0% 10-dma envelope
The market bias remains in favour of selling rallies, with the sell-off accelerating Thursday. 134.610/560 failed to provide much support, shifting downside targets lower to the mid-June lows of 134.410 and Fib support of 134.386. Markets need to snap back above 135.350 to reignite any upside. A break above here opens 135.421 (cont), 61.8% of the Apr - Jun sell-off.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.