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EURJPY TECHS

Probes Key Support

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Natixis View on Fed's Dot Plot: Hawkish

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Range Base Holds Firm

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  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $478.55 - High May 18
  • RES 2: $471.10 - High Jun 1
  • RES 1: $462.75 - High Jul 27
  • PRICE: $453.25 @ 13:08 BST Jul 28
  • SUP 1: $440.25 - High Jul 7 and a recent breakout level
  • SUP 2: $413.06 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 3: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 4: $400.00 - Low Apr 12

Copper futures started the week on a firm note and are trading near recent highs. Monday's gains resulted in a clear break of resistance at $440.25, the Jul 6 high. The break improves the short-term bullish outlook and note, price has also traded above $458.22, a Fibonacci retracement. This signals scope for an extension towards $471.10, Jun 1 high. On the downside, $440.25, the recent breakout level marks initial support.