BOBL TECHS: (H6) Monitoring Support
* RES 4: 116.960 High Dec 1 * RES 3: 116.805 76.4% retracement of the Nov 26 - Dec 10 bear leg * RES...
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BOBL TECHS: (H6) Bearish Trend Condition
- RES 4: 116.770 High Dec 3 and key resistance
- RES 3: 116.580 High Dec 5
- RES 2: 116.281 20-day EMA
- RES 1: 116.120 High Dec 19
- PRICE: 115.970 @ 05:43 GMT Dec 23
- SUP 1: 115.720 Low Dec 10 and the bear trigger
- SUP 2: 115.660.4.000 proj of the Nov 6 - 14 - 26 price swing
- SUP 3: 115.600 Round number support
- SUP 4: 115.573 4.236 proj of the Nov 6 - 14 - 26 price swing
The trend set-up in Bobl futures is unchanged, the condition remains bearish following an impulsive sell-off early December. Recent short-term gains are considered corrective. Sights are on 115.660 next, a Fibonacci projection. Note that the trend remains oversold, a stronger recovery would allow this set-up to unwind. Key resistance is seen at 116.770, the Dec 3 high. Initial firm resistance to watch is at the 20-day EMA, at 116.281.
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 23-Dec | 0700 | DE | Import/Export Prices |
| 23-Dec | 0800 | ES | GDP (f) / PPI |
| 30-Dec | 0800 | ES | HICP (p) |
| 02-Jan | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 02-Jan | 0900 | EU | S&P Global Manufacturing PMI (f) / M3 |
| 06-Jan | 0745 | FR | HICP (p) |
| 06-Jan | 0815 | ES | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0845 | IT | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 06-Jan | 0900 | DE | Regional CPIs |
| 06-Jan | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 06-Jan | 1300 | DE | Germany CPI (p) |
GBPUSD TECHS: Fresh Cycle High
- RES 4: 1.3661 High Sep 18
- RES 3: 1.3557 76.4% retracement of the Sep 17 - Nov 4 bear leg
- RES 2: 1.3527 High Oct 1
- RES 1: 1.3494 Intraday high
- PRICE: 1.3487 @ 06:13 GMT Dec 23
- SUP 1: 1.3371 Low Dec 22
- SUP 2: 1.3306 50-day EMA
- SUP 3: 1.3180 Low Dec 2
- SUP 4: 1.3125 Low Nov 26
The trend condition in GBPUSD remains bullish and this week’s strong start reinforces current conditions. The pair has traded to a fresh short-term cycle high, confirming a resumption of the uptrend that started early November. Note that moving average studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3527, the Oct 1 high. Initial firm support is 1.3306, the 50-day EMA.
