HYBRIDS: EDF: Upgraded

• RES 4: 92.55 High Nov 11 
• RES 3: 92.31 High Nov 12          
• RES 2: 92.00 Round number resistance
• RES 1: 91.64/93 High Dec 11 / High Nov 27      
• PRICE: 91.29 @ Close Dec 15
• SUP 1: 90.62/90.53 Low Dec 8 / Low Nov 25 & 26       
• SUP 2: 90.28 Low Nov 21  
• SUP 3: 90.00 Round number support    
• SUP 4: 89.86 Low Nov 19 and the bear trigger     

Recent activity in Gilt futures highlights 90.53, the Nov 25 / 26 low, and 91.93, the Nov 27 high, as two important short-term directional triggers. A breach of 90.53 would signal scope for a deeper retracement towards 89.86, the Nov 19 low and bear trigger. For bulls, a stronger resumption of gains and a breach of 91.93, would instead signal scope for a climb towards resistance at 92.55, the Nov 11 high.

• RES 4: 184.63 Bull channel top drawn from the Feb 28 low
• RES 3: 184.34 2.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
• RES 2: 183.43 1.0% 10-dma envelope
• RES 1: 183.16 High Dec 12
• PRICE: 182.03 @ 07:01 GMT Dec 16
• SUP 1: 181.20 20-day EMA
• SUP 2: 179.09 50-day EMA 
• SUP 3: 177.15 Low Nov 10
• SUP 4: 176.50 Bull channel support drawn from the Feb 28 low

The trend structure in EURJPY remains bullish and fresh cycle highs last week reinforce current conditions. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Recent gains resulted in a breach of 182.01, the Nov 20 high and a bull trigger, confirming a resumption of the trend. Sights are on 184.63, the top of a bull channel drawn from the Feb 28 low. First key support is 181.20, the 20-day EMA.

• MNI: UK NOV PAYE PAYROLLS TOTAL EMPLOYEES 30.26M (VS 30.29M OCT)
• UK NOV PAYE PAYROLLS FLASH 1MO CHANGE -38.0K (VS -21.9K OCT)
• UK NOV PAYE PAYROLLS FLASH 3MO CHANGE -87.7K (VS -40.7K OCT)
• UK NOV PAYE MEDIAN PAY +2.7% Y/Y (VS +3.7% OCT)