SCHATZ TECHS: (H6) Bear Theme Remains Intact

• RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing  
• RES 3: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing  
• RES 2: 0.8835 High May 3 2023
• RES 1: 0.8830 High Nov 5 
• PRICE: 0.8816 @ 06:35 GMT Nov 12
• SUP 1: 0.8763 Low Nov 3   
• SUP 2: 0.8761 20-day EMA 
• SUP 3: 0.8722 50-day EMA
• SUP 4: 0.8656 Low Oct 8 and a key support  

The trend cycle in EURGBP remains bullish and the cross is trading closer to its recent highs. Recent gains confirmed a resumption of the uptrend and this maintains a bullish price sequence of higher highs and higher lows. Sights are on 0.8835, the May 3 2023 high. Initial support lies at 0.8763, the Nov 3 low, with the 20-day EMA, at 0.8761. Note that the trend is overbought, a pullback would be considered corrective.

• RES 4: 107.348 50.0% retracement of Apr 7 - Sep 25 bear leg (cont) 
• RES 3: 107.320 High Oct 17 and the bull trigger 
• RES 2: 107.235 High Oct 22 
• RES 1: 107.089/175 50-day EMA / High Oct 24   
• PRICE: 107.020 @ 06:07 GMT Nov 12
• SUP 1: 107.005 Intraday low   
• SUP 2: 106.995 Low  Oct 8   
• SUP 3: 106.965 Low Oct 6
• SUP 4: 106.920 Low Sep 25 and a key support  

A short-term bear cycle in Schatz futures remains intact - for now. The downleg that started Oct 17 is considered corrective and has allowed a recent overbought trend condition to unwind. Note that 107.014, 76.4% of the Sep 25 - Oct 17 bull leg and the next important support, has been pierced. A clear break of it would signal scope for a deeper retracement and open 106.995, the Oct 8 low. Initial resistance is at 107.089, the 50-day EMA.