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

• RES 4: 0.8725 High Nov 22
• RES 3: 0.8690 High Nov 27
• RES 2: 0.8668 20-day EMA
• RES 1: 0.8616 Low Oct 11
• PRICE: 0.8581 @ 06:09 GMT Dec 5
• SUP 1: 0.8558 76.4% retracement of the Aug 23 - Nov 20 bull run
• SUP 2: 0.8524 Low Sep 5
• SUP 3: 0.8481 2.0% 10-dma envelope
• SUP 4: 0.8493 Low Aug 23 and a key support

EURGBP maintains a softer tone and the cross traded sharply lower Friday. Last week's downleg resulted in a break of 0.8650, the Nov 6 low and key support, and 0.8598, the 61.8% retracement for the Aug - Nov bull run. Sights are on 0.8558, the 76.4% retracement point, where a clear break would open 0.8524, the Sep 5 low. Initial resistance is seen 0.8616, the Oct 11 low. Gains would be considered corrective.

• RES 4: 105.910 High May 16 (cont)
• RES 3: 105.781 1.618 proj of the Oct 19 - Nov 2 - 27 price swing
• RES 2: 105.762 50.0% retracement of the Mar 20 - Jul 6 downleg
• RES 1: 105.705 High Dec 4
• PRICE: 105.600 @ 05:50 GMT Dec 5
• SUP 1: 105.340 Low Nov 30
• SUP 2: 105.250/105.162 Low Nov 29 / 50-day EMA
• SUP 3: 104.915 Low Nov 27 and a key support
• SUP 4: 104.880/765 Low Oct 20 / Sep 21 and the bear trigger

Schatz futures traded sharply higher last week and the move accelerated on Friday. The contract has breached resistance at 105.580, the Aug 24 high, strengthening current bullish conditions. This signals scope for a climb towards 105.762, the 50.0% retracement of the Mar 20 - Jul 6 downleg on the continuation chart. Initial firm support lies at 105.340, the Nov 30 low. A pullback would be considered corrective.