EU FINANCIALS: ING Groep: Q4 Results         

• 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: $62.20/64.81 - 50-day EMA / High Oct 24 
• PRICE: $62.48 @ 06:33 GMT Dec 24 
• 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 $62.20, the 50-day EMA. 

• RES 4: 121.33 High Oct 21 and a key resistance area 
• RES 3: 121.37 High Nov 13 
• RES 2: 121.24 High Nov 26 
• RES 1: 120.59/77 High Dec 29 / 3   
• PRICE: 120.54 @ Close Dec 29
• SUP 1: 120.07/119.45 Low Dec 29 / 22           
• SUP 2: 119.13 Low Dec 10 and the bear trigger 
• SUP 3: 118.00 Round number support
• SUP 4: 118.84 2.000 proj of the Nov 13 - 20 - 26 price swing 

BTP futures traded sharply higher yesterday, extending the bounce that started Dec 10. It is still possible that the latest move higher is part of a corrective cycle. A continuation higher would open 120.77 next, the Dec 3 high. On the downside, a reversal would refocus attention on 119.45, the Dec 22 low, and 119.13, the Dec 10 low and bear trigger. Clearance of 119.13 would confirm a resumption of the recent bear leg. 

• 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: 156.04 @ 07:06 GMT Dec 30
• SUP 1: 155.56/154.71 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 154.71, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper correction.