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

• RES 4: $70.06 - High Jul 30 
• RES 3: $68.58 - High Sep 26 
• RES 2: $64.81 - High Oct 24 and a key resistance 
• RES 1: $62.16/64.81 - 50-day EMA / High Oct 24 
• PRICE: $61.23 @ 05:55 GMT Dec 31 
• SUP 1: $58.53 - Low Dec 16   
• SUP 2: $58.27 - Low Apr 9 and a key support
• SUP 3: $57.87 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $56.44 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

A bearish theme in Brent futures remains present and for now, the latest strong recovery is considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. A resumption of the bear cycle would open $58.27, the Apr 9 low. On the upside, key short-term resistance to watch is $64.81, the Oct 24 high. First resistance is $62.16, the 50-day EMA.

• RES 4: 158.87 High Jan 10 and a key resistance
• RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
• RES 2: 158.00 Round number resistance 
• RES 1: 157.89 High Nov 20 and the bull trigger 
• PRICE: 156.62 @ 06:02 GMT Dec 31
• SUP 1: 155.56/154.78 Low Dec 24 / 50-day EMA
• SUP 2: 153.62 Low Nov 14  
• SUP 3: 152.82 Low Nov 7 
• SUP 4: 151.54 Low Oct 29 

The trend structure in USDJPY is bullish and the latest pullback - for now - appears corrective. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Attention is on 157.89, the Nov 20 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 154.78, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper correction.

• RES 4: 0.8865 High Nov 14 and a bull trigger   
• RES 3: 0.8840 High Nov 20
• RES 2: 0.8818 High Nov 26
• RES 1: 0.8749/97 50-day EMA / High Dec 17 and a key resistance
• PRICE: 0.8721 @ 06:00 GMT Dec 31
• SUP 1: 0.8703 Low Dec 29
• SUP 2: 0.8670 Low Oct 21
• SUP 3: 0.8656 Low Oct 8 and a key support   
• SUP 4: 0.8633 Low Sep 15  

EURGBP is trading closer to its recent lows and the bear cycle that started Nov 14, remains intact. Sights are on 0.8706 (pierced), the 76.4% retracement of the Oct 8 - Nov 14 bull leg. Clearance of this level would strengthen the current bear theme and open 0.8656, the Oct 8 low and a key support. On the upside, initial resistance is at 0.8749, the 50-day EMA. Key short-term resistance has been defined at 0.8797, the Dec 17 high.