Free Trial

(U18) Triple Resistance From 112.140...>

SCHATZ TECHS
SCHATZ TECHS: (U18) Triple Resistance From 112.140 Still Proving Tough
*RES 4: 112.210 61.8% Fibo of 112.420/111.860
*RES 3: 112.200 0.1% volatility band
*RES 2: 112.180 1.618 swing of 112.140-112.080
*RES 1: 112.140 50% Fibo of 112.420/111.860, Jun 21 high
*PRICE: 112.070 @1550GMT
*SUP 1: 112.050/060 Intraday low, Jun 5, Jun 8 highs, 
*SUP 2: 112.030 Jun 15 high, now support
*SUP 3: 112.000 Jun 20 low
*SUP 4: 111.970 Jun 18 low
*COMMENTARY* 112.140 has continued to frustrate rallies, having capped the rise
from last month's dip to 111.86. As well as a 50% Fibo retrace, this is also an
equality move from 111.970 to the prior 111.860-112.030 rally. Will need to find
the strength to break this triple resistance area, before the chance of
extending gains toward 112.180-112.210. Support comes from around the early June
highs at 112.060 and then 112.030. Loss of the latter would concern now.

To read the full story

Close

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.