(U0) Tests Key Support

• RES 4: 112.135 High Aug 10 and 11
• RES 3: 112.117 61.8% retracement of the Jul 31 - Aug 14 sell-off
• RES 2: 112.100 High Aug 21
• RES 1: 112.070 High Aug 25
• PRICE: 112.035 @ 05:13 BST Aug 27
• SUP 1: 111.990 Low Aug 14 and 26 and the bear trigger
• SUP 2: 111.977 76.4% retracement of the Jun - Jul rally
• SUP 3: 111.973 0.618 of Jul 31 - Aug 14 sell-off from Aug 21 high
• SUP 4: 111.950 Low Jun 10

Schatz futures traded sharply lower this week having pulled further away from last week's high of 112.100, the Aug 21 high. The outlook remains bearish. Recent gains had been viewed as a correction and this week's sell-off signals the end of that correction. The move lower has exposed the key support at 111.990, Aug 14 low. MA studies maintain a bearish structure reinforcing a broader bearish threat. Initial firm resistance is at 112.070, Aug 25 high.