BOBL TECHS: (M5) Maintains A Softer Tone

• RES 4: 0.8800 Round number resistance      
• RES 3: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing
• RES 2: 0.8768 High Nov 20 ‘23
• RES 1: 0.8738 High Apr 11 
• PRICE: 0.8596 @ 06:29 BST Apr 15 
• SUP 1: 0.8520/0.8482 Low Apr 10 / 20-day EMA 
• SUP 2: 0.8413 50-day EMA
• SUP 3: 0.8316 Low Mar 28 and a key near-term support   
• SUP 4: 0.8299 Low Mar 5

Despite the fade off highs, a bull trend in EURGBP remains intact. Note that a deeper retracement would allow a recent overbought trend condition to unwind. Support to watch lies at 0.8482, the 20-day EMA. Support at the 50-day EMA is at 0.8413. The area between these two averages represents a key support zone. For bulls, a resumption of gains would open 0.8781, a Fibonacci projection point.

• RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7 - 9 price swing     
• RES 3: 107.800 Round number resistance    
• RES 2: 107.775 High Apr 7 and the bull trigger
• RES 1: 107.680 High Apr 9                   
• PRICE: 107.490 @ 06:04 BST Apr 15     
• SUP 1: 107.160/106.965 20-day EMA / Low Apr 9 and key support  
• SUP 2: 106.830 Low Mar 27    
• SUP 3: 106.728 76.4% retracement of the Mar 6 - Apr 7 bull cycle       
• SUP 4: 106.630 Low Mar 18     

Schatz futures are unchanged and the contract remains below last week’s high. For now, the recent pullback appears corrective and has allowed an overbought condition to unwind. The trend condition remains bullish - price has recently traded through a key resistance at 107.120, the Mar 4 high. The break highlights a stronger bull cycle and signals scope for a climb towards 107.800. Key support to watch lies at 106.965, the Apr 9 low.