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(U0) One Way Traffic

BOBL TECHS
  • 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: 135.020 @ 06:14 BST Aug 6
  • SUP 1: 134.940 Low Jul 29
  • SUP 2: 134.610/560 Low Jul 20 / Low Jul 13
  • SUP 3: 134.510 Low Jul 2 and key support
  • SUP 4: 134.410 Low Jun 17

After a constructive Tuesday session for bulls, markets fully reversed Wednesday to finish having printed a new weekly low. Prices failed to take out the Friday high at 135.350 and trade was one way traffic to a new weekly low just above last Wednesday's 134.940. For bulls to retake control of the narrative, markets need to take out 135.35 initially ahead of 135.421 (cont), 61.8% of the Apr - Jun sell-off.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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