POWER: CRE Issues Opinion on Decree to Shut Renewables in Negative Priced Hours

• RES 4: 7000.00 Psychological round number 
• RES 3: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
• RES 2: 6974.04 3.382 proj of the Aug 20 - 28 - Sep 2 price swing 
• RES 1: 6953.75 High Oct 30 and the bull trigger  
• PRICE: 6801.00 @ 14:26 GMT Nov 6
• SUP 1:6748.50 Intraday low 
• SUP 2: 6702.18 50-day EMA 
• SUP 3: 6690.75 Low Oct 22 
• SUP 4: 6571.25 Low Oct 17

The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. Support at the 20-day EMA, at 6803.81, has been breached. A clear break of this average signals scope for a deeper retracement and exposes the 50-day EMA at 6702.18 - a key pivot support. The bull trigger has been defined at 6953.75, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the uptrend.

• Alongside the aforementioned supportive backdrop for the greenback, EURUSD falls to fresh pullback lows in sympathy, printing 1.1469 in recent trade. Consolidating price action below the 1.15 handle overnight has bolstered the near-term bearish theme, and the latest move narrows the gap to the next target of 1.1425, the 1.5 projection of the Oct 17 - 22 - 28 price swing
• Below here, the more significant support is seen at 1.1392, the Aug 1 low and technical bear trigger. US ISM services PMI provides the next important catalyst for the pair.
• SocGen said yesterday that EURUSD would ‘run with’ any break below 1.15, while ING noted that despite the hawkish repricing in the USD curve, the EURUSD drop looks a bit overdone.
• Bank of Greece Governor Yannis Stournaras recently told MNI the balance of risks is to the downside, with euro area growth lower than expected over the past two years and a relatively strong currency keeping import prices lower and making financial conditions tighter, speaking in an interview.
  • “You will see most of the arguments are in favour of inflation and growth becoming lower but despite that we don’t jump to the conclusion that we should cut in the next meeting,” he said. 

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