SCHATZ TECHS: (H6) Support Holds For Now

• RES 4: 106.945 High Dec 3 and a key resistance 
• RES 3: 106.900 High Dec 5  
• RES 2: 106.835 High Dec 8   
• RES 1: 106.805 20-day EMA 
• PRICE: 106.740 @ 06:14 GMT Dec 23
• SUP 1: 106.675/ 630 Low Dec 12 / 10 and the bear trigger  
• SUP 2: 106.621 2.236 proj of the Nov 26 - Dec 2 - 3 minor price swing
• SUP 3: 106.600 2.382 proj of the Nov 26 - Dec 2 - 3 minor price swing
• SUP 4: 106.583 2.500 proj of the Nov 26 - Dec 2 - 3 minor price swing 

A bear theme in Schatz futures remains intact following a recent impulsive sell-off and short-term gains are considered corrective. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on 106.621 next, a Fibonacci projection. Initial firm resistance is seen at 106.805, the 20-day EMA. A corrective bounce would allow an oversold trend condition to unwind.

• 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: 0.8797 High Dec 17 and a key resistance
• PRICE: 0.8730 @ 06:25 GMT Dec 23
• SUP 1: 0.8721 Low Dec 9 and a key near-term support
• SUP 2: 0.8706 76.4% retracement of the Oct 8 - Nov 14 bull leg
• SUP 3: 0.8670 Low Oct 21   
• SUP 4: 0.8656 Low Oct 8 and a key support  

A bull cycle in EURGBP that started Dec 9 remains in place for now, and support to watch lies at 0.8721, the Dec 9 low. A clear break of this level would undermine the bull theme and instead signal scope for a deeper corrective pullback. This would open 0.8706, a Fibonacci retracement point. Initial key short-term resistance has been defined at 0.8797, the Dec 17 high. Clearance of this hurdle would be a bullish development.