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(U4) Heading North
- RES 4: 106.620 High Jan 4 (cont)
- RES 3: 106.359 3.382 projection of the May 24 - Jun 4 - 7 price swing
- RES 2: 106.308 3.236 projection of the May 24 - Jun 4 - 7 price swing
- RES 1: 106.290 Intraday high
- PRICE: 106.260 @ 06:07 BST Aug 2
- SUP 1: 106.040/844 Low Jul 31 / 20-day EMA
- SUP 2: 105.630 Low Jul 22
- SUP 3: 105.495 Low Jul 11
- SUP 4: 105.390 Low Jul 5 and a key support
The current uptrend in Schatz futures remains intact. The contract has traded through resistance at 105.975, the Jun 14 high. The clear break of this hurdle confirms a resumption of the bull cycle that started May 24. Sights are on 106.308 a Fibonacci projection. Firm support to watch lies at 105.807, the 20-day EMA, and 105.844, the Jul 22 low. A clear break of this average would be seen as a bearish development.
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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.