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CEE FX

CEE Currencies Slightly Up Ahead of NFP

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  • RES 4: 4448.00 High Jan 2, 2008 (cont)
  • RES 3: 4420.80 1.382 proj of the Jul 19 - Sep 6 - Oct 6 price swing
  • RES 2: 4409.50 High Nov 18 and the bull trigger
  • RES 1: 4304.50 Nov 24 high
  • PRICE: 4206.00 @ 06:01 GMT Nov 26
  • SUP 1: 4179.50 50.0% retracement of the Oct - Nov rally
  • SUP 2: 4125.20 61.8% retracement of the Oct - Nov rally
  • SUP 3: 4004.00 Low Oct 12
  • SUP 4: 3949.50 Low Oct 6 and bear trigger

EUROSTOXX 50 futures bearish pressure has resumed once again. Today's sharp sell-off has resulted in a break of Wednesday's low of 4236.50 and more importantly a breach of the 50-day EMA. This signals scope for a deeper decline and attention is on 4179.50 and 4125.20, both Fibonacci retracement levels. On the upside, a move above 4304.50, the Nov 24 high is required to ease bearish pressure.