(U4) Bearish Outlook

• RES 4: 105.625 High May 17
• RES 3: 105.572 76.4% retracement of the May 15 - 24 bear leg
• RES 2: 105.484 61.8% retracement of the May 15 - 24 bear leg
• RES 1: 105.460 High Jun 4 and key short-term resistance
• PRICE: 105.220 @ 05:34 BST Jun 11
• SUP 1: 105.175 Low Jun 7
• SUP 2: 105.110 Low May 24 and the bear trigger
• SUP 3: 105.000 Round number support
• SUP 4: 104.855 1.00 projection of the May 15 - 24 - Jun 4 price swing

The trend condition in Schatz futures remains bearish and recent short-term gains are considered corrective. The sell-off from last week’s high signals the end of the correction. Moving average studies are in a bear-mode set-up too, highlighting bearish market sentiment. Resistance to watch is 105.460, the Jun 4 and 5 high. For bears, sights are on key support and bear trigger at 105.110, the May 24 low. A break would resume the downtrend.