(U4) Bearish Threat

• RES 4: 106.009 2.382 proj of the May 24 - Jun 4 - 7 price swing
• RES 3: 105.975 High Jun 14 and the bull trigger
• RES 2: 105.895 High Jun 21
• RES 1: 105.611/105.780 20-day EMA / High Jun 28
• PRICE: 105.525 @ 06:09 BST Jul 3
• SUP 1: 105.475 Low Jul 1
• SUP 2: 105.440 61.8% retracement of the May 24 Jun 14 bull cycle
• SUP 3: 105.375 Low Jun 13
• SUP 4: 105.314 76.4% retracement of the May 24 Jun 14 bull cycle

Schatz futures traded lower Monday and the contract breached support around the 20-day EMA, at 105.611. This undermines the recent bullish theme and signals scope for a deeper retracement. A continuation lower would open 105.440, a Fibonacci retracement point. Clearance of this level would strengthen a developing bearish threat. On the upside, initial firm resistance to watch is 105.780, the Jun 28 high. A break would be bullish.