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(Z3) Approaching Resistance

  • RES 4: 105.6541.382 proj of the Oct 19 - Nov 2 - 27 price swing
  • RES 3: 105.580 High Aug 24 and a key resistance
  • RES 2: 105.560 High Sep 1
  • RES 1: 105.505 High Nov 30
  • PRICE: 105.395@ 05:52 GMT Dec 1
  • SUP 1: 105.250/105.120 Low Nov 29 / 50-day EMA
  • SUP 2: 104.915 Low Nov 27 and a key support
  • SUP 3: 104.880/765 Low Oct 20 / Sep 21 and the bear trigger
  • SUP 4: 104.720 2.00 proj of the Aug 24 - 30 - Sep 1 price swing

Schatz futures reversed course Monday and the cross has rallied higher this week. The climb has resulted in a break of resistance at 105.335, the Nov 2 high and a bull trigger. The breach strengthens a bullish theme and confirms a resumption of the upward cycle that started Sep 21. This signals scope for a climb towards 105.560, the Sep 1 high. On the downside, initial firm support to watch lies at 105.120, the 50-day EMA.

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