UK DMO UPDATE: Tender Announcement

• RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
• RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
• RES 2: 5600.00 Round number resistance   
• RES 1: 5426.04/5575.00 20-day EMA / High Mar 3 and the bull trigger             
• PRICE: 5362.00 @ 06:17 GMT Mar 12 
• SUP 1: 5284.00 Low Mar 11                
• SUP 2: 5249.00 Low Feb 5
• SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg     
• SUP 4: 5185.00 Low Feb 4     

The medium-term trend in the Eurostoxx 50 futures contract remains bullish and the latest pullback appears corrective. However, support at the 50-day EMA, at 5309.17, has been pierced. A clear break of this average would highlight a strong short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, a Fibonacci retracement. For bulls, a  resumption of gains would refocus attention on the 5600.00 handle.

• RES 4: 107.120 High Mar 4 and key resistance    
• RES 3: 106.905 High Mar 5     
• RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg  
• RES 1: 106.762 50.0% retracement of the Mar 4 - 6 bear leg               
• PRICE: 106.625 @ 06:10 GMT Mar 12    
• SUP 1: 106.530/405 Low Mar 10 / 6 and the bear trigger   
• SUP 2: 106.350 2.000% retracement proj of the Feb 19 - Mar 4  
• SUP 3: 106.259 2.236% retracement proj of the Feb 19 - Mar 4 
• SUP 4: 106.203 2.382% retracement proj of the Feb 19 - Mar 4   

A bearish condition in Schatz futures remains intact following the latest steep impulsive sell-off. The contract has traded through a key support at 106.735, Feb 19 low. Clearance of this level strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350 next, a Fibonacci retracement. The bear cycle is in oversold territory and the latest bounce is allowing this set-up to unwind. First resistance is 106.762, a Fibonacci retracement.

• RES 4: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
• RES 3: 1.3048 High Nov 6 ‘24
• RES 2: 1.2990 High Nov 8 2024
• RES 1: 1.2966 High Mar 11
• PRICE: 1.2928 @ 06:23 GMT Mar 12 
• SUP 1: 1.2768 Low Mar 5     
• SUP 2: 1.2718 20-day EMA
• SUP 3: 1.2605 50-day EMA and a short-term pivot support  
• SUP 4: 1.2559 Low Feb 28      

The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective.