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Free Access(U1) Fades Off 2021 Highs
- RES 3: 153.20 - 50% Mar'20 - Feb'21 Decline
- RES 2: 153.02 - High Apr 28 2020
- RES 1: 152.62 - High Jul 20
- PRICE: 152.35 @ 15:44 BST Aug 05
- SUP 1: 151.47 - 38.2% Feb - Jun Rally
- SUP 2: 150.88 - Low Apr 1
- SUP 3: 150.19 - Low Feb 26
The near-term uptrend has faded slightly, with prices topping out at the recent high of 152.62. The medium-term outlook is more positive after prices topped key resistance at the 152.53 Fib retracement (38.2% of the 2020 - 2021 sell-off). This strengthens the bullish outlook and shifts the near-term target higher, to the 153.02 high printed in late April last year. The 50.0% retracement is at 153.20. Initial support is seen at 151.47, a retracement where a break would strengthen a bearish case and signal a top.
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Why MNI
MNI is the leading provider
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.