(U3) Fades Off Multi-Month High

• RES 4: 105.486 100-dma
• RES 3: 105.233 50-dma
• RES 2: 105.223 50% retracement June-July downleg
• RES 1: 105.185 High Jul 19 & Jun 15
• PRICE: 104.905 @ 16:00 BST Jul 20
• SUP 1: 104.795/104.570 Low Jul 13 / 6 and the bear trigger
• SUP 2: 104.470 2.00 projection of the Jun 1 - 8 - 12 price swing
• SUP 3: 104.335 Low Mar 9 (cont) and a major support
• SUP 4: 104.264 2.382 projection of the Jun 1 - 8 - 12 price swing

Schatz futures were jolted higher by the soft UK CPI release, prompting prices to equal the Jun 15 high at 105.185. Rallies were subsequently sold, putting prices into negative territory ahead of the close, an effect that persisted Thursday. Key support and the bear trigger has been defined at 104.570, the Jul 6 low. A break would confirm a resumption of the downtrend.