Pretty quiet day as we digested the gains of yesterday’s
rally. We auctioned horizontally just above the daily 50 ema, holding above
yesterday’s POC. Today was also an NR7 day, meaning that today’s range was the
narrowest in the last 7 days. I would consider this to be bullish, however
given the gains of the past week, the ESZ1 is quite extended to the upside.
Another chart that needs to be taken seriously is the daily 50 ema on the
EUR/USD spot market. It lies ~0.20 euros overhead, and I would watch for a
reaction from the bears if it’s eventually hit. The move of EUR/USD to its 50
ema would equate to a move of the ESZ1 contract near its daily 200 ema which is
also a significant area of resistance.
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