{"schema_version":"1.0","name":"HEUR Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"fa368a06-22ff-4e0d-a92d-160f7f7220ce","symbol":"HEUR","name":"HSBC Euro Liquidity Fund UCITS ETF EUR Acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently point in the same direction.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical 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Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":100.0,"averageReturn":0.4,"sample":1},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics paused slightly this week and remains positive."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"In this ticker's completed record, 100.0% of comparable cases moved higher after 12 weeks, with an average move of 0.4% across 1 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-07-17","price":101.367996}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[100.118,100.109,100.161,100.229,100.275,100.259,100.299,100.385,100.435,100.435,100.435,100.49,100.49,100.64,100.669,100.685,100.685,100.685,100.823,100.855,100.831,100.964,100.953,100.953,101.059,101.093,101.132,101.185,101.23,101.267,101.32,101.368,101.39,101.404,101.49,101.525,101.58],"consensus":[55.5447,-100.0,-100.0,19.3276,77.477,23.0211,55.4634,80.9738,80.9968,46.2118,33.1297,65.4986,42.6469,86.6731,76.7035,62.3586,43.4551,40.2343,88.3932,67.9525,21.4081,87.4853,28.1146,42.7181,73.1443,52.3684,53.8751,77.7885,77.2658,51.7657,78.859,79.0058,74.4858,55.2875,85.1513,65.878,75.9445],"supportDates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,0.7363,51.7701,85.7865,83.807,36.6906,13.6833,62.7808,35.7614,83.3686,75.3447,58.5914,37.3226,36.8181,91.8808,57.5148,1.2142,90.6684,11.5982,37.1558,66.2036,49.3375,50.9789,77.1645,76.31,29.2256,78.7189,78.8692,75.9196,56.2037,88.773,56.1323,86.3703],"force":[55.5447,-100.0,-100.0,19.3276,47.6581,12.5745,32.089,71.9412,72.686,10.4214,1.263,48.6674,8.2622,91.7175,65.9615,36.3034,10.4263,7.5336,98.2656,70.3129,21.151,94.9698,10.6945,9.7825,81.2912,25.4458,27.8261,80.6789,79.6881,53.1564,81.8937,82.0244,70.2648,27.3615,93.119,69.3958,60.6627],"direction":[null,null,null,null,98.7763,73.9148,76.3803,81.9253,83.7214,82.6578,79.9203,80.627,75.0766,86.8466,85.9293,85.2747,74.0556,67.4962,77.3558,78.1952,74.8862,78.5014,74.7114,72.6005,75.2575,75.0627,75.7914,76.4371,76.6278,76.5325,76.8515,77.0059,75.8622,74.1875,75.3209,74.5032,74.945],"intensity":[null,null,null,null,75.0,40.0,33.3333,85.7143,87.5,44.4444,60.0,54.5455,58.3333,100.0,14.2857,73.3333,6.25,5.8824,94.4444,94.7368,15.0,85.7143,63.6364,78.2609,91.6667,60.0,23.0769,40.7407,28.5714,27.5862,46.6667,35.4839,9.375,30.303,79.4118,57.1429,50.0],"confirmation":[40.441,54.6667,54.6667,28.8515,68.7628,9.3041,85.0922,93.563,93.6229,81.8421,55.4524,88.488,80.704,95.9395,92.2385,87.2181,80.9925,57.2638,96.5336,89.9758,10.3735,96.1749,33.0138,80.7508,91.7602,83.9836,84.4903,92.9899,92.8134,84.9509,93.3295,93.3759,91.685,84.827,95.436,89.3367,99.6776],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,null,null,11.2595,38.4745,22.253,9.4996,9.4955,26.8914,33.4053,17.0902,25.3588,6.6533,11.6466,18.8093,28.2599,18.3182,5.5887,15.9089,38.9528,6.2509,34.7853,25.2595,13.3711,22.4972,22.9633,11.0928,11.2383,24.0222,10.5287,10.484,12.7147,22.2868,7.4229,17.0602,12.0277],"volumeParticipation":true,"latest":{"consensus":75.9,"control":86.4,"force":60.7,"direction":74.9,"confirmation":99.7,"persistence":100.0,"assessmentRisk":12.0,"intensity":50.0,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+75.9","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+86.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+60.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+74.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"100/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"96.3","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"0.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"99.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"100%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned upward.","series":[{"label":"Close","values":[100.118,100.109,100.161,100.229,100.275,100.259,100.299,100.385,100.435,100.435,100.435,100.49,100.49,100.64,100.669,100.685,100.685,100.685,100.823,100.855,100.831,100.964,100.953,100.953,101.059,101.093,101.132,101.185,101.23,101.267,101.32,101.368,101.39,101.404,101.49,101.525,101.58],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,100.1674,100.184,100.205,100.2377,100.2736,100.3029,100.3269,100.3566,100.3808,100.428,100.4718,100.5105,100.5423,100.5682,100.6145,100.6583,100.6897,100.7395,100.7784,100.8101,100.8554,100.8986,100.941,100.9854,101.0299,101.073,101.1179,101.1634,101.2046,101.2408,101.2861,101.3296,101.3751],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,100.2667,100.2943,100.3221,100.349,100.3739,100.3969,100.4285,100.4601,100.4875,100.5228,100.5547,100.5842,100.6194,100.6545,100.6898,100.7265,100.7638,100.8011,100.8395,100.8787,100.9165,100.9527,100.9925,101.0319,101.0725],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,100.4996,100.5235,100.5569,100.581,100.6441,100.6984,100.7435,100.7784,100.8061,100.8584,100.9072,100.9424,100.9932,101.0331,101.0682,101.1194,101.1624,101.2045,101.2547,101.3068,101.3537,101.3976,101.4438,101.4791,101.5215,101.5729,101.62,101.6645],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,100.0414,100.0474,100.0481,100.0528,100.0359,100.0254,100.0207,100.0215,100.0255,100.016,100.009,100.0451,100.0798,100.1191,100.1564,100.1836,100.224,100.2652,100.295,100.3224,100.3587,100.4033,100.4449,100.4996,100.5336,100.5643,100.6012,100.6462],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,99.9181,99.9056,99.8954,99.8871,99.8807,99.876,99.8721,99.8688,99.8676,99.8674,99.8678],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,50.2785,47.3405,49.4673,49.4673,49.4673,58.7762,60.3667,60.2175,59.4894,62.3698,62.3698,68.5447,65.835,67.4256,69.5032,71.1841,72.5592,74.2686,75.8444,75.447,75.9575,78.5889,80.0636,78.6134],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.1247,0.1043,0.1001,0.0955,0.0894,0.0845,0.0804,0.0751,0.0705,0.0674,0.066,0.0584,0.054,0.0501],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,30.0422,62.8729,0.0,1.7582,20.5656,0.0,365.7312,90.003,61.0512,0.0,0.0,260.1433,229.0588,16.8962,169.284,43.8097,0.0,745.6724,0.0,0.0,254.6302,231.9294,109.5095,103.8818,463.4146,411.3414,26.2795,294.0537,353.882,23.5217],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,121.4375,132.4901,132.4901,132.4901,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,134.5756,135.0,134.0385,134.0385,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,98.3723,101.7332,100.0,84.2102,89.0584,89.0584,98.2358,101.034,99.1756,99.1756,99.1756,99.0624,98.094,92.6892,100.0,90.9093,90.9093,96.0629,99.4097,100.0,100.0,100.0,99.9038,100.0,100.0,100.0,99.902,99.9054,98.022,100.0],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.005,0.006,0.0,-0.0657,-0.0497,-0.0497,-0.0099,0.006,-0.005,-0.005,-0.005,-0.0069,-0.0149,-0.0585,0.0,-0.0861,-0.0861,-0.0396,-0.0059,0.0,0.0,0.0,-0.001,0.0,0.0,0.0,-0.001,-0.001,-0.0217,0.0],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.3018,0.3517,0.3517,0.3517,0.4067,0.4067,0.5565,0.5855,0.6015,0.6015,0.6015,0.7394,0.7714,0.7474,0.8803,0.8693,0.8693,0.9752,1.0092,1.0219,1.0223,1.0673,1.0356,1.0583,1.1061,1.0877,1.0151,1.0504,1.0853,1.14],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.0586,0.0597,0.0569,0.0528,0.0491,0.0558,0.0551,0.0537,0.0592,0.061,0.0567,0.0629,0.0608,0.0592,0.0587,0.0576,0.0562,0.0559,0.0552,0.0536,0.0508,0.0533,0.0535,0.0535],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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