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MNI US MARKETS ANALYSIS - EUR Steadies Ahead of ECB
(U9) Consolidating *RES 4: 112.650.....>
SCHATZ TECHS: (U9) Consolidating
*RES 4: 112.650 Bull channel top drawn off the Jun 6 low
*RES 3: 112.610 2.00 projection of Jul 10 - 24 rally from Jul 26 low
*RES 2: 112.600 Contract high Aug 15, 16, 20 and 21
*RES 1: 112.565 High Aug 26
*PRICE: 112.544 @ 02:54 GMT Aug 30
*SUP 1: 112.510 Low Aug 26 and Aug 28
*SUP 2: 112.430 Low Aug 22
*SUP 3: 112.416/410 Bull channel base drawn off May 6 low / Low Aug 7
*SUP 4: 112.385 High Jul 24
U9 Schatz initial resistance has been defined at the 112.565/75 level where a
break is needed to open the contract high and key resistance of 112.600. The top
of the bull channel drawn off the May 6 low, is at 112.650. A break of 112.6000
would confirm a resumption of the uptrend however a strong band of resistance is
likely within the 112.600/656 zone. On the downside, the broader trend support
is at 112.416, the channel base. Initial support for today lies at 112.510.
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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.