POLITICAL RISK: Trump Address To World Economic Forum Underway

Download Full Report Here

(MNI) London – All timings are subject to change.

Monday 22 December:

• United States: President Donald Trump is due to make an announcement at 16:30ET/21:30GMT/22:30CET from his Mar-a-Lago Club in Palm Beach, FL, alongside Secretary of War/Defense Pete Hegseth and Secretary of the Navy John Phelan. The announcement is expected to relate to the continued heightened state of tensions between the US and Venezuela, coming after the US intercepted a second sanctioned Venezuelan oil tanker in international waters in as many weeks. The Trump administration says the action is required to combat drug trafficking from Venezuela to the US, but critics have warned about the escalating action that they fear will result in US boots on the ground in Venezuela.

• MNI: CANADA NOV INDUSTRIAL PRICES +0.9% MOM; EX-ENERGY +0.4%
• CANADA NOV RAW MATERIALS PRICES +0.3% MOM; EX-ENERGY +0.6%

• RES 4: €87.02 - 1.764 proj of the Oct 1 - 10 - 15 price swing    
• RES 3: €90.00 - Round number support 
• RES 2: €89.10 - 1.618 proj of the Oct 1 - 10 - 14 price swing
• RES 1: €88.49 - High Dec 17   
• PRICE: €87.28 @ 13:18 GMT Dec 22
• SUP 1: €85.34/83.33 - 20- and 50-day EMA values
• SUP 2: €81.04 - Low Nov 11 
• SUP 3: €78.75 - Low Oct 14
• SUP 4: €76.53 - Low Oct 1 

The medium-term trend condition in ICE EUA futures remains bullish and this week’s fresh cycle high confirms once again, a resumption of the medium-term uptrend. This maintains the price sequence of higher highs and higher lows. Potential is seen for an extension towards €89.10 a Fibonacci projection. Clearance of this hurdle would strengthen the bull theme. Support to watch lies at €83.33, the 50-day EMA.