EM CEEMEA CREDIT: TURKEY: Household 12M Inflation expec Unch at 59.3%

• Most G10 Pair/Crosses are still mostly trading within ranges, but the Yen is again seeing some volatile two way price action just looking at this early Week.
• Just looking at this Week's low/high for the USDJPY, it has rallied 174 pips on Monday, then fell 139 pips Yesterday, to now a 107 pips up from Yesterday's low, to put the Yen as the worst early performer within G10s.
• Resistance there is still at 150.96 50-day EMA and a key short-term resistance.
• The Pound is the early small mover following the UK Inflation data coming just below expectations, but the main event for the UK today is the Spring Statement.
• Cable has just lost some 24 pips since the Data release, but is testing another intraday low to challenge the 1.2900 figure, although the first support comes at 1.2886.

• RES 4: 5970.87 61.8% retracement of the Feb 19 - Mar 13 bear leg  
• RES 3: 5924.59 50-day EMA  
• RES 2: 5864.25 Low Jan 13 and a recent breakout level
• RES 1: 5837.25 High Mar 25                    
• PRICE: 5826.50 @ 07:22 GMT Mar 26  
• SUP 1: 5650.75/5559.75 Low Mar 18 / 13 and the bear trigger                  
• SUP 2: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing 
• SUP 3: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5341.87 2.382 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing          

S&P E-Minis are trading at their recent highs. The trend condition is bearish and the latest recovery appears corrective. MA studies remain in a bear-mode set-up, highlighting a dominant downtrend. However, this week’s gains have resulted in a breach of the 20-day EMA. This signals scope for a continuation higher near-term - towards 5864.25, the Jan 13 low. A reversal lower would refocus attention on 5559.75, the Mar 13 low and bear trigger.

• RES 4: $76.57 - High Jan 15 and the bull trigger   
• RES 3: $72.91 - High Feb 11 and key resistance 
• RES 2: $70.98 - High Feb 25  
• RES 1: $69.68 - High Mar 25  
• PRICE: $69.22 @ 07:19 GMT Mar 26
• SUP 1: $64.85 - Low Mar 5 and the bear trigger   
• SUP 2: $63.73 - Low Sep 10 ‘24 and a key medium-term support
• SUP 3: $60.00 - Psychological round number
• SUP 4: $59.40 - 2.00 proj of the Jan 15 - Feb 4 - 11 price swing   

Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low.