LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)

• RES 4: 118.360 High Oct 28      
• RES 3: 118.270 High Nov 5  
• RES 2: 118.050/180 50-day EMA / High Nov 21 
• RES 1: 117.910 Low Nov 24    
• PRICE: 117.680 @ 05:47 GMT Dec 3 
• SUP 1: 117.580 Low Dec 2   
• SUP 2: 117.500 Low Sep 26 
• SUP 3: 117.470 Low Sep 15 and a key support
• SUP 4: 117.427 76.4% retracement of the Aug 15 - Oct 17 bull cycle

The short-term trend theme in Bobl futures remains bearish and Monday’s sell-off reinforced current conditions. The contract has traded through the bear trigger at 117.790, the Nov 20 low. This confirms a resumption of the downtrend that started Oct 17. The break paves the way for an extension towards 117.470, the Sep 15 low and the next key support. Key short-term resistance is at 118.050, the 50-day EMA.

• RES 4: 1.1728 High Oct 17
• RES 3: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg  
• RES 2: 1.1656 High Nov 13 and key resistance
• RES 1: 1.1652 High Dec 01
• PRICE: 1.1643 @ 06:01 GMT Dec 3
• SUP 1: 1.1547 Low Nov 26  
• SUP 2: 1.1491/1469 Low Nov 21 / 5 and the bear trigger
• SUP 3: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
• SUP 4: 1.1392 Low Aug 1 and bear trigger 

The trend structure in EURUSD remains bearish and short-term gains - for now - appear corrective. Key short-term resistance to monitor is 1.1656, the Nov 13 high and a bull trigger. Clearance of this level would highlight a reversal and open 1.1694, a Fibonacci retracement. For bears, a resumption of weakness would refocus attention on key support at 1.1469, the Nov 5 low. Clearance of this level would confirm a resumption of the downtrend.

• RES 4: 130.07 High Oct 24   
• RES 3: 129.74 61.8% retracement of the Oct 17 - Nov 20 bear leg  
• RES 2: 129.40 High Nov 13 
• RES 1: 128.72/129.21 Low Nov 24 / High Nov 26 and key resistance         
• PRICE: 128.32 @ 05:37 GMT Dec 3 
• SUP 1: 128.12 Low Dec 2     
• SUP 2: 127.88 Low Sep 25 and key support
• SUP 3: 127.61 Low Sep 3 and a key M/T support
• SUP 4: 127.45 Low Mar 18 (cont.)

Bund futures remain soft following a strong sell-off on Monday. The move down resulted in a break of key short-term support at 128.37, the Nov 20 low. This confirms a resumption of the bear cycle that started on Oct 17 and sets the scene for an extension towards 127.88, the Sep 28 low and the next important support. MA studies have recently crossed to highlight a bear-mode condition. Key short-term resistance is at 129.21, the Nov 26 high.