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(U2) Heading South
- RES 4: 109.830 High Aug 17
- RES 3: 109.415 50-day EMA
- RES 2: 109.330 High Aug 25 and key near-term resistance
- RES 1: 108.965 High Aug 30
- PRICE: 108.635 @ 05:16 BST Sep 2
- SUP 1: 108.425 Low Jun 28
- SUP 2: 108.336 76.4% retracement of the Jun 16 - Aug 2 upleg
- SUP 3: 108.105 Low Jun 22
- SUP 4: 108.025 Low Jun 21
Schatz futures traded lower once again Thursday, maintaining the current downward path. The contract remains vulnerable and further weakness is likely. The 50-day EMA has recently been cleared and this has resulted in the breach of a number of Fibonacci retracement levels, as the downtrend extends. The focus is on 108.425 next, the Jun 28 low. On the upside, initial firm resistance is seen at 109.330, the Aug 25 high.
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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.